Promotes housing availability and prevents speculation by imposing fee for institutional ownership of certain unproductive residential property.

This bill imposes a $30,000 annual fee on institutional investors owning residential properties that are unproductive (abandoned or vacant for 12+ months without continuous or seasonal occupancy). Exemptions apply to nonprofits providing affordable housing, small institutional investors (owning 20 or fewer properties), and properties acquired through foreclosure. Institutional investors must submit annual reports detailing their properties to the Commissioner of Community Affairs, with penalties of $500 for first offenses and $1,000 for subsequent failures. The fee revenue will fund housing initiatives as New Jersey faces a housing shortage with 10% fewer single-family homes available compared to the previous year. The bill aims to incentivize productive use of residential properties and increase housing availability.