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 proposed regulations include provisions for a city rental registry, tenant protections against eviction, and mechanisms for reporting landlord violations. The city may set annual maximum rent increases based on a "rent affordability index" and establish reasonable exemptions for certain types of properties, including those with six or fewer units, transient accommodations, and units where tenants share facilities with the owner.

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 lease violations. The city may also regulate the conversion of residential properties to condominiums or cooperatives, and create requirements for tenant notifications and relocation payments in cases of property demolition or substantial renovation. The act is designed to enhance tenant security and affordability in housing, with the provisions taking effect upon passage.