Relates to placing limitations on initial regulated rents

This bill limits initial regulated rents for vacant housing units in cities under 1 million population or designated emergency areas. It requires that new initial rents for regulated units cannot exceed the average rent for comparable rent-regulated housing, as determined by the Rent Guidelines Board. Landlords must base initial rents on this average, with adjustments possible via tenant or owner applications. The law applies to units becoming vacant after the effective date and includes provisions for refunding overcharges if rents exceed legal limits.