This bill mandates that owners of multiple dwellings with three or more floors must prioritize senior citizens and individuals with disabilities that limit mobility when they seek to move to a lower-floor unit with the same number of bedrooms. These qualifying residents will have the right of first refusal over other applicants, including non-qualifying residents. The bill specifies that it does not alter any existing affordability, targeting, or income restrictions that may already be in place for the dwelling. Additionally, buildings that are cooperatively owned are exempt from these requirements.

To ensure awareness of this priority status, the bill requires owners or their agents to display a sign in a prominent location, similar to where a certificate of registration is posted, that provides information about the priority granted to qualifying residents. The act is set to take effect immediately upon passage.