Senate Bill SF No 726, introduced by Senators Draheim and Lucero, aims to change how local governments in Minnesota can control rents on private residential property. The bill proposes to amend Section 4719996 of the Minnesota Statutes to prohibit local cities, counties, or towns from adopting or renewing any laws that control rents unless specific exceptions apply. These exceptions include managing properties through a housing authority, contracting with property owners, complying with federal or state laws, or mediating rent negotiations between property owners and tenants. The bill also repeals a subdivision that currently allows local governments to control rents if such measures are approved by local voters. The bill ensures local governments can still classify low-income rental properties under specific tax categories without affecting their ability to manage rent control measures.