Age-restricted housing: Can it become unrestricted?

At this very moment, New Jersey is considering converting their age-restricted housing... opening it up to anyone. In March, NJs House and Senate passed a bill that:

Allows for change of age-restricted housing units to non-age-restricted housing units under certain circumstances.

BuilderOnline.com's John Caulfield elaborates on the situation in NJ:

New Jersey Gov. Jon Corzine has on his desk a bill, which the state's Senate and Assembly passed last month, that would open the gates for developers to convert certain age-restricted projects to non-age restricted.

The bill would cover residential projects that have been approved but are not yet started, and would be in effect through 2011. Its advocates frame this legislation in terms of how it would stimulate the state's housing industry and create more affordable homes, as converted projects must set aside 20% of their dwellings for low- to moderate-income buyers.

Of course, this is NJ. It's not CT. But I find it hard to believe similar calls won't soon begin in The Nutmeg State.

As I've said before - if a developer owns property, then they can develop it. But I don't see why the Council should be voting to grant an easement - in exchange for $10 - without having any thoughtful consideration of the possible / likely consequences of the action.

Don't most people agree that one of the major flaws with the bailout was the rushed urgency with which it passed? Yet this Council wants to do the same thing the proposed Richmond Glen / Serenity Ranch development.

Tim White