Title
AN EMERGENCY ACT CONCERNING TEMPORARY RENT STABILIZATION ACT OF 2023 for the purpose of extending the sunset date of the Temporary Rent Stabilization Act of 2023 for a period of six (6) months from April 17, 2024 to October 17, 2024 to continue combating the existing public emergency affecting the public health, safety, and welfare; said emergency being the threat of homelessness due to a lack of affordable housing.
Background
The Temporary Rent Stabilization Act of 2023 was enacted via CB-7-2023 as response to the public emergency of homelessness caused by a lack of affordable housing. The Act limits landlords’ ability to increase rent for certain tenants above a certain amount; provides for certain exemptions; provides that existing obligations or contract rights may not be impaired by this Act; and other generally relating matters to rent restrictions for residential leases and rental dwelling units. The Act had a sunset provision of one year after the date of enactment would will expire on April 17, 2024. This bill extends that sunset date for a period six (6) months thereby keeping the Act enforceable until October 17, 2024.