The proposed bill, known as the "tenant opportunity to purchase act," aims to provide tenants the first opportunity to purchase certain rental properties from their landlords. It defines key terms such as "bona fide offer of sale," "rental property," "rental unit," "sale," "tenant," and "tenant association." A bona fide offer of sale is characterized by favorable terms compared to those accepted in an arm's-length third-party contract or comparable to the appraised value in the absence of such a contract. The bill specifies that rental properties include various types of residential units but excludes temporary accommodations like hotels and motels.

Under the new legislation, before a landlord can sell a rental property or accept offers from third-party purchasers, they must first provide tenants or their tenant association the opportunity to purchase the property at a price and terms that constitute a bona fide offer of sale. This requirement is designed to ensure that tenants have a fair chance to buy the property they occupy before it is sold to outside buyers.