The purpose of this legislative proposal, known as the "Empty Lots to Housing Act," is to allow for the transfer of real estate that is no longer needed for its original purpose to be used for the development of housing near public transit. This aims to address housing shortages and promote the creation of affordable living spaces close to transportation options. The key provisions of this proposal include the authorization for local governments or nonprofit organizations to receive property that was acquired with federal assistance, provided it is no longer needed for its intended use.