The bill seeks to address housing issues such as homelessness, displacement, and the lack of affordable housing by granting municipalities the power to implement rent stabilization measures, just cause eviction protections, and regulations on condominium conversions, among other tenant protections. It introduces key insertions such as the authorization for cities and towns to establish or empower housing authorities to create rules for residential housing rent control, including property tax reductions for eligible rental properties. The bill sets a cap on annual rent increases tied to the consumer price index or a maximum of five percent, whichever is lower, and establishes criteria for just cause eviction protection. Exemptions are provided for certain types of housing and owner-occupied buildings with three or fewer units.

Additional provisions in the bill include clauses that allow landlords to evict tenants under specific circumstances, such as refusal of access for necessary repairs or unapproved subtenants. Landlords can also recover possession for personal or family use with adequate notice and relocation assistance. The bill mandates landlord notification to the clerk's office before initiating judicial proceedings and imposes fines for violations. It also allows tenants to pay security deposits and last month's rent in installments, with penalties for non-compliant landlords. Furthermore, the bill enables municipalities to regulate the business of finding dwelling accommodations for a fee, establish anti-displacement zones, and requires annual reports on the implementation and effects of these ordinances. The bill clarifies that it does not supersede existing tenant rights and will take effect upon passage.