Bill > HB06500

This bill proposes significant changes to residential property ownership by prohibiting hedge funds, private equity firms, and corporations from purchasing or owning residential properties. These entities would be required to divest and relinquish their existing residential property holdings. When such properties are sold, the bill establishes a specific order of priority for potential buyers: first, existing tenants would have the primary right to purchase the property either individually or collectively; second, land trusts, tenants' unions, and common interest communities would have a secondary right of first refusal. To facilitate these purchases, the bill would establish a program offering low-interest loans to eligible buyers who have the right of first refusal. The underlying intent appears to be addressing concerns about corporate ownership of residential real estate, which can potentially drive up housing costs and reduce housing accessibility for individual homeowners and local communities. By prioritizing tenants and community-oriented organizations in the property sales process, the bill aims to promote more equitable property ownership and potentially stabilize local housing markets.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06500&which_year=2025