Global Public Policy
In Trenton ICSC and a number of other commercial and residential real estate and developer groups have been actively opposing legislation in both chambers –Senate Bill 2485 and Assembly Bill 4228. The legislation, as originally proposed, would prohibit the eviction of both residential and commercial tenants. We are pleased to report that the Senate Bill and, as of June 26, the Assembly Bill, have been amended to remove commercial properties.
The real estate community pushed back due to the unintended consequences of the measures. As introduced, the legislation created incentives for both residential and commercial tenants to stop paying rent and wait until the covered period ended before negotiating with property owners, leaving landlords in limbo for months on end, forcing them to go to court to prove tenants could pay them to recoup owed rent. At this writing, a final vote is expected in the Assembly the week of June 29.
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