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Council declines rent‑control amendment aimed at closing institutional‑ownership loophole
Summary
After hours of split public testimony on housing, the Jersey City Municipal Council did not adopt ordinance 25‑125, an amendment intended to treat aggregated 1–4 unit holdings by investors as institutional ownership; the measure failed in a 3–3–2 vote.
The Jersey City Municipal Council on Tuesday failed to adopt an amendment to the city’s rent‑control ordinance that would have targeted institutional investors who aggregate small residential buildings under multiple LLCs to evade rent‑control limits.
The proposed ordinance, 25‑125, would have expanded the definition of institutional ownership to capture owners who control multiple one‑to‑four‑unit properties across the city, a move tenant advocates said was necessary to stop large investors and real‑estate investment trusts from evading protections. "This closes one of the biggest loopholes corporate landlords have been exploiting," said Anna Medyuk, who urged passage on behalf of tenant and housing advocacy groups.
Tenant advocates,…
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