The bill establishes a task force to conduct a comprehensive review of the residential landlord-tenant act in Washington state, recognizing the need for updates due to changes in the rental market and local ordinances. The task force will consist of various stakeholders, including representatives from the residential property management industry, tenant organizations, and public housing authorities, and will focus on issues such as rent stabilization, eviction processes, and access to rental assistance. The task force is required to report its findings and recommendations to the legislature by July 1, 2027, and will be supported by the Department of Commerce.

Additionally, the bill imposes a 36-month moratorium on new regulations related to the residential landlord-tenant relationship at the city, code city, and county levels. This means that during this period, no new ordinances or policies can be enacted that would regulate this relationship, allowing the task force to conduct its study without the influence of new local regulations. The task force's work aims to create a balanced framework that addresses the needs of both landlords and tenants while promoting housing stability and equity.