Establishing land banking authorities.

SB 6214 creates a framework for Washington cities and counties to establish land banking authorities - public or nonprofit entities - that hold land tax-exempt for affordable housing development. These land banks must prioritize equity by preventing displacement and addressing historical inequities, and at least 50% of land they lease or sell must include 30-year affordability requirements: rental units must stay affordable to households earning ≤80% of area median income, and owner-occupied units ≤120% of area median income. The bill requires annual public reporting on land acquisitions, dispositions, and how activities align with local housing plans and equity goals. It directly affects local governments, housing developers, and low-to-moderate income residents seeking affordable homes.