A bill to amend the Economic Stabilization Act of 1970, to direct the President to establish a Rent Control Board which through the establishment of a cost justification formula, will control the level of rent with respect to residential real property, and for other purposes.

Directs the President to establish a Rent Control Board which shall control the level of rents in the United States through the establishment of a cost justification formula for landlords.

Provides that whenever the Board determined, through the application of such formula to a landlord, that any rent increase after January 11, 1973, results in his having an unreasonably high rate of return on his capital, the Board shall order such landlord to reduce his rents to an appropriate level.

Empowers the Board to promulgate such regulations as it considers necessary or appropriate to effectuate the provisions of this Act, including regulations to prohibit retaliatory action by any landlord against any tenant.