The bill establishes a task force led by the Washington State Institute for Public Policy to conduct a comprehensive study on the primary cost drivers affecting homeownership and rental housing in Washington state. The study will involve fact-finding and stakeholder discussions with a diverse range of representatives, including economists, nonprofit and for-profit housing developers, builders, realtors, tenants, landlords, and various organizations related to housing and equity. The goal is to identify the cost drivers for different types of housing, including single-family homes, multifamily housing, and accessory dwelling units, and to assess their impact on housing availability and affordability.

Additionally, the bill mandates that the Washington State Institute for Public Policy submit a report of its findings to the legislature by December 1, 2026. It also includes a provision that the act will become null and void if specific funding for its implementation is not provided by June 30, 2025, in the omnibus appropriations act. The task force's activities are set to expire on June 1, 2027.