The bill introduces a rent control ordinance for the city of Providence, aiming to address the housing emergency by preventing excessive rent increases and evictions. It amends Title 34 of the General Laws by adding a new chapter that empowers the city to regulate rents in multi-family housing, taking into account various factors such as a rental registry, eviction processes, and tenant protections. The city is authorized to set annual maximum rent increases based on a rent affordability index and control initial rental rates for new tenancies. The bill specifies exemptions from rent control, including owner-occupied properties with six or fewer units, transient accommodations, nonprofit facilities, dormitories, and units sharing facilities with the owner's residence. It also exempts newly constructed or converted units less than 15 years old and units where rent is based on tenant income. Just cause eviction protection is provided, detailing conditions under which tenants may be evicted.

Furthermore, the bill permits the city to regulate the conversion of residential dwellings into condominiums or cooperatives, including tenant notification and relocation requirements, and allows adjustments based on income, age, and disability. It also enables the city to establish requirements for tenant notification and relocation payments in cases of demolition or substantial renovation. The bill includes a severability clause to maintain the validity of the remaining provisions if any part is declared invalid or preempted. The act will take effect upon passage, granting Providence the authority to implement and oversee local rent control regulations, with provisions for property owner rights and tenant protections.