The City of Passaic has amended its rent control ordinance to limit annual increases to 3% and eliminate the policy of vacancy decontrol, which allows landlords to charge whatever the market will bear once a tenant moves out.
The new law, which was adopted earlier this month, reduces the maximum allowable rent increase from 6% to 3% annually. By eliminating vacancy decontrol, the ordinance aims to prevent a landlord from pressuring a tenant to leave so they can jack up the rent.
“We are not a city that wants to discourage investment or paint landlords as villains,” said Passaic Mayor Hector C. Lora. “But with the challenges that many families face, we created an ordinance that both supports landlords and at the same time protects tenants.”
The rent control ordinance applies to multifami