Assemblywoman Jessica Ramirez (D-32) introduced two new bills last week specifically intended to address housing shortages in Jersey City and Hoboken, her office announced.
“Affordable housing remains the number one issue in my district, and the need for action has never been more critical,” she said in a statement.
“We have taken bold, decisive steps to curb the housing crisis, provide much-needed relief to renters, and create sustainable solutions for future generations of New Jerseyans.”
The package now includes six pieces of legislation that offer a multi-pronged approach to attacking the housing crisis from all angles.
A-5451 seeks to curb large hedge funds and institutional investors from purchasing single-family homes. Institutional investor purchases of homes have been on the rise, and it is contributing in part to the nation’s housing shortage.
The bill directly targets these investors, who have been inflating housing prices by acquiring large numbers of affordable properties to flip or rent at rising rates, and outbidding working-class families looking to purchase a home.
“Corporate investors buying up single-family homes and renting them at skyrocketing prices has been a driver of the housing crisis,” Ramirez explained.
“This bill will stop these predatory practices and protect New Jersey families from being priced out of their communities.”
Additionally, A-5454 incentivizes moderate-income housing development for the growing number of families who make too much to qualify for public housing, but also cannot afford the luxury buildings popping up across New Jersey.
“I always say our district is a Tale of Two Cities: It’s time to strengthen the middle class and build housing that works for the majority of residents,” Ramirez added.
The other bills in the package address both housing affordability and strengthen tenants’ rights.
A-5453 would establish the Landlord Registration and Tenant Protection Act, a critical tenant protection measure that includes provisions to strengthen landlord registration, ensure tenant protections, and promote the rehabilitation of substandard housing.
A-5452 is a proposal to give New Jersey residents priority for affordable housing opportunities within the state.
This measure ensures that families who have lived and worked in the state have greater access to housing opportunities, supporting local communities and fostering long-term stability for residents.
The most recently introduced bills address monthly fees which currently have no restriction under State law.
A-5744 would put a 10% cap on certain HOA fees, which have seen a steep rise since COVID-19, and A-5747 would limit recurring monthly fees that landlords place on tenants.
Referring to the latter, Ramirez says that this is a common way she has seen landlords try and skirt around rent increases.
“I have heard from tenants that say their base rent didn’t necessarily rise, but ancillary fees such as amenity or parking fees increased, and these fees are not included in the consideration of unconscionable rent increase,” the assemblywoman concluded.
“No matter where the money is going, it is still leaving the pockets of tenants. It makes sense to include these fees when calculating rental increases.”