This bill aims to restrict local governments in Nebraska from enacting ordinances that impose rent controls on private property. It defines key terms such as "local government" and "ordinance," and explicitly states that, with certain exceptions, local governments do not have the authority to create or enforce any laws that would result in rent control. The bill emphasizes that any ordinance violating this provision will be considered null and void.

However, the bill does allow for specific exceptions where local governments can adopt ordinances. These exceptions include ordinances aimed at increasing the supply of affordable housing through land-use or inclusionary housing requirements, as well as programs that private property owners can voluntarily agree to participate in, which may involve rent restrictions. Additionally, the bill asserts its applicability regardless of any home rule charter provisions that might otherwise allow local governments to impose such controls.