A. No municipal governing body may enact, maintain, or enforce any ordinance or resolution which regulates the amount of rent to be charged for privately owned, single-family or multiple unit residential or commercial rental property.
B. This section shall not be construed to prohibit any municipality or any authority created by a municipality for that purpose from:
1. regulating in any way property belonging to that municipality or authority;
2. entering into agreements with private persons which regulate the amount of rent charged for subsidized rental properties; or
3. enacting ordinances or resolutions restricting rent for properties assisted with federal Community Development Block Grant Funds.
Added by Laws 1988, c. 38, § 1, emerg. eff. March 21, 1988.