Gov. Phil Murphy on Friday signed into law a bill that would let some municipalities block converting affordable rental housing units to owner-residence housing.
“This is a great victory for affordable housing in New Jersey,” State Sen. Brian Stack, the bill’s sponsor, said. “I am grateful that my colleagues in the legislature and Governor Murphy recognized the importance of providing municipalities with a valuable tool to preserve the already lacking affordable housing stock. The shortage of affordable rental properties in New Jersey is staggering and the current economic climate does not help.”
The Senate advanced the bill in a 26-13 vote that largely fell along party lines in May. It passed the Assembly, 50-27, in June.