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HB 6500

AN ACT PROHIBITING CERTAIN CORPORATE OWNERSHIP OF RESIDENTIAL PROPERTY AND GIVING CERTAIN INDIVIDUALS AND ENTITIES RIGHT OF FIRST REFUSAL TO PURCHASE SUCH PROPERTY.

2025 Regular Session Introduced by Amy Morrin Bello and 5 co-sponsors

Prohibits corporations from buying residential properties in Connecticut and grants right of first refusal to individuals/qualifying entities, aiming to preserve homeownership opportunities and prevent institutional investment consolidation.

REF. TO JOINT COMM. ON Housing
#rentalhousing
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WeVote Research Nonpartisan
Bill Summary · HB 6500

Legislative bill overview

HB 6500 would restrict corporate entities from purchasing residential properties in Connecticut and grant certain individuals and entities (likely current tenants, local governments, or community organizations) a right of first refusal before such sales occur. The bill aims to prevent large-scale corporate acquisition of single-family and multi-unit residential housing.

Why is this important

Housing affordability and ownership rates have become critical concerns as institutional investors and corporations increasingly purchase residential properties, potentially driving up rents and reducing opportunities for individual homeownership. This bill directly addresses the concern that corporate real estate investment reduces housing availability for traditional owner-occupants and destabilizes residential communities by converting owner-occupied homes to rental portfolios.

Potential points of contention

  • Definition and scope: The bill's definition of "corporate ownership" could be unclear—does it apply to all corporations, REITs, private equity firms, or specific entity types? Overly broad definitions could inadvertently restrict legitimate investors; narrow ones may miss the intended targets.
  • Right of first refusal mechanics: Determining which "certain individuals and entities" qualify for purchase rights, financing requirements, and timelines could create administrative complexity and potential legal challenges around fairness and feasibility.
  • Economic and investment impacts: Restricting corporate investment could reduce housing supply if developers rely on institutional capital, potentially raising construction costs and limiting affordable unit creation in competitive markets.

Compiled from official sources — confirm details with the bill’s official record.

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