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New Jersey’s Biggest City Drops 5% Rent-Increase Cap for New Multifamily Housing

Newark Amends Criticized Rent-Control Ordinance After Landlords Question Legality
Newark has seen a boom in multifamily development and the pipeline is still loaded. CitiSquare Newark, planned for the site of the now-demolished Newark Bears & Eagles Riverfront Stadium, is slated to have 4,200 apartment units. (Ian Bader Architects)
Newark has seen a boom in multifamily development and the pipeline is still loaded. CitiSquare Newark, planned for the site of the now-demolished Newark Bears & Eagles Riverfront Stadium, is slated to have 4,200 apartment units. (Ian Bader Architects)
CoStar News
December 15, 2023 | 9:46 P.M.

Newark, New Jersey's largest city, has amended a rent-control ordinance to remove a 5% cap for newer multifamily properties after objections from landlords.

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