The bill amends Chapter 34-2 of the General Laws by adding a new section, 34-2-2, which prohibits legal entities that are not individuals from owning single-family and certain multi-family dwellings if they possess, control, or claim legal title to real property valued over $25 million. Entities that currently exceed this threshold are required to divest their holdings over a ten-year period, with specific annual percentage reductions outlined. The bill also defines single-family and multi-family dwellings, establishes a divestment schedule, and details how to calculate the aggregate value of real property based on municipal tax assessments. Additionally, it includes provisions for adjusting the $25 million threshold for inflation starting in 2027 and mandates divestment within one year for entities that exceed the limit due to property valuation increases.

Moreover, the bill introduces a statewide mandatory rental registry that requires landlords to register their information with the Department of Health, including contact details and property assessed values. Landlords of residential properties built before 1978 must also provide a valid lead hazard mitigation certificate. A publicly accessible online database will be created for this information, with registration deadlines set for October 1, 2024, for existing landlords and within 30 days for new landlords. Noncompliance with registration will result in civil fines, and landlords cannot initiate eviction proceedings for nonpayment of rent unless they are compliant with these requirements. The Department of Health and the Attorney General are authorized to impose additional penalties for noncompliance, and the act is set to take effect on January 1, 2026.