The general assembly finds and declares that maintenance of an adequate housing supply, including access to livable, clean, and well-maintained residential rental premises, in the state of Ohio is an urgent statewide priority and necessary to the well-being of Ohioans. In furtherance of that finding and declaration, the general assembly further finds and declares that rent control and rent stabilization measures may do any of the following:

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(A) Suppress rental and property values and thereby discourage maintenance, upkeep, and rehabilitation of existing residential premises and construction of new residential premises;

(B) Incentivize landlords to convert residential premises to condominiums, cooperatives, and other types of housing, thereby removing such residential premises from availability on the rental market;

(C) Lower property tax revenues for state and local governments and political subdivisions;

(D) Lead to deterioration of residential premises;

(E) Discourage turnover of residential premises and thus deprive potential tenants of the ability to rent such premises and result in misallocation of residential premises;

(F) Impede the sale of residential premises;

(G) Discourage investment in new and existing residential premises, especially during times of rising material costs and labor shortages;

(H) Have an adverse effect, due to lack of adequate housing, on individuals who seek employment in areas with scarce available housing and on employers who seek employees in such areas;

(I) Distort the functioning of the market for residential premises;

(J) Impose substantial administrative and enforcement expenses on political subdivisions;

(K) Retroactively deprive owners of residential premises of property rights.

The general assembly therefore finds and declares that, for these reasons, attainment of an adequate housing supply is a matter of overriding statewide interest that requires a uniform approach to rent control and rent stabilization measures in residential premises throughout the state. The general assembly finds and declares that Chapter 5321 of the Revised Code is a statewide and comprehensive legislative enactment regulating all aspects of the landlord-tenant relationship with respect to residential premises. The general assembly further finds and declares that the imposition of rent control and rent stabilization on private residential premises by any political subdivision is a matter of statewide concern and would be inconsistent with the statewide, comprehensive legislative enactment in this chapter. Therefore, rent control and rent stabilization of private residential premises that are regulated by this chapter is a matter of general statewide concern that requires uniform statewide regulation. The general assembly reiterates, by the enactment of Chapter 5321 of the Revised Code, that it is the intent of the general assembly to preempt political subdivisions from regulating the rights and obligations of parties to a rental agreement that are regulated by this chapter, including through the imposition of rent control and rent stabilization in any manner.