STATEMENT TO

ASSEMBLY COMMITTEE SUBSTITUTE FOR

ASSEMBLY, No. 3361

with Assembly Floor Amendments

(Proposed by Assemblyman Hutchison)

ADOPTED: SEPTEMER 26, 2024

      These floor amendments:

      (1)  raise the rent increase limit prescribed by the bill from two, to three percent;

      (2)  provide an exception to the rent increase limit for capital improvements to the property, which require the rent increase, on condition that the landlord petition, and receive approval from, the Commissioner of Community Affairs and submit proof or documentation of the capital improvements to the commissioner, as described in the bill;

      (3)  require the Commissioner of Community Affairs to schedule a hearing and make a final determination on a petition to increase the rent on a covered dwelling site that exceeds three percent within 90 days;

      (4)  specify that the bill would: only preempt other laws regarding rent control, rent leveling, or rent stabilization adopted by the governing body of a municipality that result in a higher permitted rent increase over the course of a 12-month period; not preempt laws regarding rent control, rent leveling, or rent stabilization adopted by the governing body of a municipality resulting in a lower permitted rent increase; and 

      (5)  provide a penalty of $1,000 per violation per unit for a landlord’s violation of the rent increase limit set forth in the bill without first receiving approval from the Commissioner of Community Affairs.