The set of vectors $\mathbf{v}$ such that
\[\operatorname{proj}_{\begin{pmatrix} 5 \\ 2 \end{pmatrix}} \mathbf{v} = \begin{pmatrix} -\frac{5}{2} \\ -1 \end{pmatrix}\]lie on a line.  Enter the equation of this line in the form "$y = mx + b$".
Let $\mathbf{v} = \begin{pmatrix} x \\ y \end{pmatrix}.$

From the formula of a projection,
\begin{align*}
\operatorname{proj}_{\begin{pmatrix} 5 \\ 2 \end{pmatrix}} \mathbf{v} &= \frac{\mathbf{v} \cdot \begin{pmatrix} 5 \\ 2 \end{pmatrix}}{\left\| \begin{pmatrix} 5 \\ 2 \end{pmatrix} \right\|^2} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \frac{\begin{pmatrix} x \\ y \end{pmatrix} \cdot \begin{pmatrix} 5 \\ 2 \end{pmatrix}}{29} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \frac{5x + 2y}{29} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \begin{pmatrix} -\frac{5}{2} \\ -1 \end{pmatrix}.
\end{align*}Then
\[\frac{5x + 2y}{29} = -\frac{1}{2},\]so $5x + 2y = -\frac{29}{2}.$  Solving for $y,$ we find
\[\boxed{y = -\frac{5}{2} x - \frac{29}{4}}.\]
Let $\mathbf{v} = \begin{pmatrix} x \\ y \end{pmatrix}.$

From the formula of a projection,
\begin{align*}
\operatorname{proj}_{\begin{pmatrix} 5 \\ 2 \end{pmatrix}} \mathbf{v} &= \frac{\mathbf{v} \cdot \begin{pmatrix} 5 \\ 2 \end{pmatrix}}{\left\| \begin{pmatrix} 5 \\ 2 \end{pmatrix} \right\|^2} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \frac{\begin{pmatrix} x \\ y \end{pmatrix} \cdot \begin{pmatrix} 5 \\ 2 \end{pmatrix}}{29} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \frac{5x + 2y}{29} \begin{pmatrix} 5 \\ 2 \end{pmatrix} \\
&= \begin{pmatrix} -\frac{5}{2} \\ -1 \end{pmatrix}.
\end{align*}Then
\[\frac{5x + 2y}{29} = -\frac{1}{2},\]so $5x + 2y = -\frac{29}{2}.$  Solving for $y,$ we find
\[\boxed{y = -\frac{5}{2} x - \frac{29}{4}}.\]
The final answer is $\[ y = -\frac{5}{2} x - \frac{29}{4}$. I hope it is correct.