Newark officials will limit yearly rent increases on newer construction and owner-occupied units to 5% – testing the limits of a New Jersey law that bans “unconscionable” rent spikes but doesn’t define how much is too much.
Make your contribution now and help Gothamist thrive in 2023.Newark, New Jersey officials will limit yearly rent increases on newer construction and owner-occupied units to 5% – testing the limits of a state law that bans “unconscionable” rent spikes but doesn’t define how much is too much.
An existing Newark rent control measure already restricted some annual rent bumps to changes in the Consumer Price Index and capped increases to no more than 4%. But that law only applies to 70% of the city’s rental properties. “Landlords are charging rents of over $2,000 for one-bedroom apartments in areas where they were just $750 five years ago,” Newark Mayor Ras Baraka said in a statement. He said the ordinance was a “big step toward continuing to be the kind of culturally and economically diverse city that makes Newark so special.”
Drew Curtis, an organizer with Homes For All Newark, said the ordinance was a tool to help residents afford to stay in the city, including college grads who can’t afford to come back.
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