Proposed Bill No. 6500 aims to amend current statutes to prohibit hedge funds, private equity firms, and other large for-profit corporations from owning residential properties. The bill mandates that these entities must divest from any residential property holdings they currently possess. Furthermore, upon the sale of such relinquished properties, the bill grants existing tenants the primary right of first refusal to purchase the property, while land trusts, tenants' unions, and common interest communities are given a secondary right of first refusal.

Additionally, 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 effort seeks to enhance housing stability and affordability by ensuring that residential properties are owned by individuals and entities that prioritize community needs over profit.