N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law

Citation
N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/condo_laws.pdf ↗

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c. In the event that a landlord believes that the limitations on increases in rental charges
imposed by a "Notice of Rent Protection Emergency" prevent the landlord from realizing a just
and reasonable rate of return on the landlord's investment, the landlord may file an application
with the Director of the Division of Consumer Affairs in the Department of Law and Public
Safety for the purpose of requesting permission to increase rental charges in excess of the
increases otherwise authorized under the "Notice of Rent Protection Emergency". In evaluating
such an application, the director shall take into consideration the purposes intended to be
achieved by P.L.2002, c.133 (C.2A:18-61.62 et seq.), and the "Notice of Rent Protection
Emergency" and the amount of rental charges required to provide the landlord with a just and
reasonable return. The Director shall promulgate rules and regulations in accordance with the
"Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to effectuate the purposes
of this act.
 d. The provisions of subsections a. and b. of this section will serve to supplement, not
replace, any existing local, State, or federal restrictions on rent increases for any dwelling units
in residential buildings located within the zone described in subsections a. and b. of this section,
and will only apply to those dwelling units where they cause a lowering of the maximum
allowable rent increase or of the maximum reasonable rent increase.
e. The provisions of subsections a. and b. of this section shall cease to apply upon the
expiration of the state of emergency, or upon the rescission of the either the declaration of the
state of emergency or the "Notice of Rent Protection Emergency."
L.2002,c.133,s.2.