The bill, HB 5954, aims to address the housing crisis in the City of Providence by authorizing the city to adopt rent control ordinances. It establishes a new chapter in Title 34 of the General Laws, specifically Chapter 18.3, which outlines the city's authority to regulate rents in multi-family housing. The ordinance can include provisions such as a city rental registry, eviction protections, tenant rights to report landlords, and various exemptions for certain types of properties, including those with six or fewer units, transient accommodations, and units in nonprofit facilities.

The city may set an annual maximum percentage rent increase for rental units covered by this section, based on a rent affordability index, which measures rental affordability relative to household incomes. Additionally, the bill includes just cause eviction protections, stipulating that landlords can only evict tenants under specific circumstances, such as non-payment of rent or violation of lease terms.

The city is also empowered to regulate the conversion of residential properties to condominiums or cooperatives, including tenant notification requirements and relocation payments. Furthermore, the city may create requirements for tenant notifications and relocation plans in cases of property demolition or substantial renovation. The act is designed to enhance tenant protections and stabilize the rental market in Providence, taking effect upon passage.