This bill aims to address the housing supply crisis in Washington State by allowing cities and code cities to designate "housing development opportunity zones." These zones can be established in areas with existing large commercial developments, such as shopping malls and vacant stores, to prioritize residential and mixed-use development. The bill outlines that cities can utilize existing infrastructure and may waive impact fees to reduce development costs. Additionally, the resolutions or ordinances for these zones are exempt from certain planning requirements, allowing for more flexible implementation.

To ensure accountability, the bill mandates an evaluation by the joint legislative audit and review committee to assess the number of housing units, particularly affordable housing units, created in these zones. If the review indicates that affordable housing has not increased, the legislature intends to repeal the authorization for these zones. The act is set to expire on July 1, 2045, and requires cities to cooperate with the committee in providing necessary data for the evaluation.