West New Yrok, NJ Rent Control Questions
Hi,
So I recently sold my first real estate investment and made a nice profit. I am looking into possibly purchasing a small apartment building (5-8 units) in the West New York, NJ area. A lot of the rent rolls I have seen have some tenants at very very low rents. Based on this I am assuming there is some level of rent control in the town. Is there anyone who can provide some information on this and how it works? I tried reading the town codes myself, but it is difficult to translate it to simple terms. Just looking to see what the laws are and what exactly stops you from just letting a lease expire and getting a new tenant in. Any information is appreciated.
Thanks,