NJ S3049

Establishes "protected senior citizen tenant status" for New Jersey residents age 55 or older who have lived in the same non-public housing unit for at least 10 years and have annual household income of $80,000 or less.

Limits rent increases for qualifying seniors to 75% of the annual Consumer Price Index increase, with the Commissioner of Community Affairs publishing applicable rates by October 1 each year.

Excludes tenants receiving federal Section 8 vouchers, State rental assistance, or other specified rental assistance programs from eligibility.

Landlords may apply for hardship waivers if the rent limit prevents generating a reasonable investment return; in municipalities with rent control ordinances, the lower of the two limits applies.

Landlords who exceed allowable rent increases face liability of $500 or three times the excess rent charged, plus attorney fees.