This bill creates a new statutory requirement directing the Washington State Institute for Public Policy (WSIPP) to conduct a study to research, analyze, and, to the extent practicable, determine the primary cost drivers for homeownership and rental housing in Washington. The statute requires WSIPP to pursue fact-finding and stakeholder discussions that must include at least one representative from a long list of specified groups (for example: economists, nonprofit and for‑profit developers, builders, building trades, realtors, cities, counties, tenants, landlords of different sizes, appraisers, mortgage and multifamily lenders, utilities, public housing authorities, the Washington State Housing Finance Commission, the office of equity, the carpenters union, statewide business and architect organizations). The study must address cost drivers for single‑family, multifamily, middle housing, accessory dwelling units, and co‑living housing. The bill requires WSIPP to solicit and consider input from the affordable housing advisory board and other relevant persons and entities, and it directs the Department of Commerce to cooperate by facilitating access to necessary data or resources. WSIPP must submit a report of its findings to the appropriate legislative committees by December 1, 2026. The statutory provisions created by the bill expire on June 1, 2027. This is a procedural change establishing a study and reporting requirement (new law via new sections) rather than creating a new crime, changing penalties, or altering enforcement procedures. The act is expressly contingent on specific funding: if funding referencing this act is not provided in the omnibus appropriations act by June 30, 2025, the act is null and void. It is unclear from the text whether the necessary funding will be provided or what specific level of resources WSIPP will receive beyond the stated contingency.

If funded, the Washington State Institute for Public Policy will spend staff time and state-appropriated money running a statewide review of what most drives homeownership and rental costs, gathering input from a long list of affected groups and delivering a report to the Legislature by December 1, 2026. That will create modest direct costs for the institute and require cooperation from the Department of Commerce and time commitments from developers, builders, landlords, tenants, lenders, utilities, local governments, unions, and trade groups who will be asked to provide data and perspectives. The groups most affected are WSIPP (which must do the work), Commerce (which must share data), and the many stakeholder organizations that will need to participate; they will face time and resource demands but no immediate change in rules or funding from this bill alone. The study could make it easier for lawmakers to change future housing policy or spending, but the bill’s effect hinges on an appropriation by June 30, 2025 and leaves some scope and depth questions open by using the phrase “to the extent practicable.”