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 that the joint legislative audit and review committee evaluate the effectiveness of these zones by assessing the number of housing units and affordable housing units created. If the review, due by September 1, 2043, finds no increase in affordable housing, the legislature intends to repeal the authorization for these zones. The act is set to expire on July 1, 2045, unless further action is taken.