This bill establishes a framework that requires owners of multiple dwelling buildings to notify tenants and tenant associations of their intent to sell the property, thereby granting them the first opportunity to purchase it before any sale to a third party. Owners must provide written notice to the Department of Community Affairs, the tenant association, and each residential tenant household. If a tenant association, representing at least 51% of the tenant-occupied units, chooses to act, they have 30 days to submit a purchase offer. Should the tenant association fail to act within this period, the owner is permitted to sell the property to a third party. The bill also includes provisions for short-sales, ensuring that tenants are informed of bona fide offers and can act similarly.

Furthermore, the legislation empowers tenant associations by allowing them to assign their purchase rights to municipalities or nonprofit organizations to maintain the property as an inclusionary development. It outlines exceptions for properties under eminent domain, those preserving affordability, and certain public and nonprofit housing. The bill prohibits tenant associations from accepting payment to waive their rights and mandates the Department of Community Affairs to provide guidance and assistance for financing purchase offers. In cases of violations that obstruct a tenant association's purchasing ability, the Attorney General is authorized to enforce compliance and seek damages on behalf of tenants. The bill is set to take effect seven months after enactment and will apply to new contracts of sale thereafter.