AN ACT PROHIBITING CERTAIN CORPORATE OWNERSHIP OF RESIDENTIAL PROPERTY AND GIVING CERTAIN INDIVIDUALS AND ENTITIES RIGHT OF FIRST REFUSAL TO PURCHASE SUCH PROPERTY.

HB 6500 prohibits hedge funds, private equity firms, and similar large for-profit corporations from owning residential property and requires them to sell any existing residential holdings. It gives current tenants the primary right to buy these properties first when sold, and land trusts, tenant unions, or community groups the secondary right. The bill also creates a program offering low-interest loans to help tenants or eligible groups purchase these properties. This directly affects corporate landlords and tenants in properties currently owned by these entities.