The proposed bill aims to prohibit hedge funds, private equity firms, corporations, and other businesses from purchasing single-family residential properties in the state of New Mexico. This legislation is intended to protect the housing market and ensure that single-family homes remain accessible to individual buyers rather than being acquired by large investment entities.

The bill introduces new legal language that explicitly states this prohibition, marking a significant shift in the regulation of property purchases. By preventing these types of organizations from entering the single-family residential market, the bill seeks to address concerns about housing affordability and the impact of corporate ownership on local communities.