The Governor's Conditional Veto preserves the new construction exemption from local rent controls
on new rental apartment construction.
However, state intervention, in the form of rent controls
, will only exacerbate the market.
Asia has also followed the trend: China, Japan, Malaysia and Singapore have lifted rent controls
since the early 2000s.
The ordinance passed Tuesday requires rent controls
on those replacement complexes.
While admitting it was "a strong possibility" that rent controls
could dissuade investment in the city, she contends, "The thing is--people are hurting right now .
Louis, which never had rent controls
, have suffered massive e abandonment.
Because rental housing accounts for more than a third of most tenants' income, rent controls
are a very sensitive issue for the renting public.
The best-known example is New York, which retains rent controls
from the temporary wartime price regulations imposed during World War II.
Last summer, in-fighting among Republicans prevented New York City's World War II-vintage rent controls
from being abolished.
As a World War II-era emergency measure, rent controls
made perfect sense.
Instead, a city would merely be required to offer incentives, and whether or not the terms were acceptable, a city could assert its right to establish rent controls
on new housing in its community.
Across the State of New Jersey, this policy to exempt new rental housing from local rent controls
has been essential to the economic development we have seen in our urban centers," said the NJAA in a statement.