The proposed Bill No. 6500 aims to amend current statutes to prohibit hedge funds, private equity firms, and other large for-profit corporations from purchasing residential properties. Additionally, the bill mandates that these entities must divest from any existing residential property holdings. Upon the sale of such properties, the bill grants existing tenants the primary right of first refusal to purchase the property, either individually or collectively. If the tenants do not exercise this right, the secondary right of first refusal is extended to land trusts, tenants' unions, and common interest communities.

Furthermore, the bill establishes a program to provide low-interest loans to assist those with the right of first refusal in purchasing the relinquished residential properties. This legislative initiative seeks to enhance housing stability and affordability by ensuring that residential properties remain accessible to individuals and community organizations rather than large corporate entities.