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 Institute is tasked with identifying cost drivers for different types of housing, including single-family homes, multifamily housing, and accessory dwelling units, and must submit a report of its findings to the legislature by December 1, 2026.

Additionally, the bill includes a provision that it will become null and void if specific funding for its purposes is not provided by June 30, 2025, in the omnibus appropriations act. The task force's work is set to expire on June 1, 2027, ensuring a timeline for the study and its subsequent reporting to the legislature.