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 allows for exceptions where local governments can adopt ordinances aimed at increasing the supply of affordable housing through land-use or inclusionary housing requirements, or if a private property owner voluntarily agrees to participate in a program that restricts rent and rent increases. Additionally, the bill asserts its applicability regardless of any home rule charter provisions that may exist.