University of Wisconsin–Madison

New Jersey State Senate Bill A793 2R

Type Act or Session Law
Year 2022
Level State
State(s) New Jersey
Policy Areas Economic Justice, Finance & Procurement, Housing
Hedge funds and other financial institutions have been profiting by buying foreclosed homes to resell or rent out. This business model has made housing less affordable and extracted wealth from local communities. This bill passed by the state of New Jersey creates the "Community Wealth Preservation Program", which limits wealth extraction by introducing an 84 month residency requirement for any homes purchased through foreclosure auctions.

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