Finds that a successful transfer of development rights program must consider existing affordable housing and economic development programs and policies in designated receiving areas. Counties, cities, and towns that decide to participate in the regional transfer of development rights program for central Puget Sound are encouraged to adopt comprehensive plan policies and development regulations to implement the program that do not compete or conflict with existing comprehensive plan policies and development regulations that require or encourage affordable housing. Participating cities and towns are also encouraged to use the development of receiving areas to maximize opportunities for economic development that supports creation or retention of jobs that exceed the average county wage. A regional transfer of development rights program in the central Puget Sound should be voluntary, incentive-based, and separate, but compatible with existing local transfer of development rights programs. Additional counties may benefit from participation in a regional transfer of development rights program in the future. Therefore, the regional transfer of development rights program should be established for the central Puget Sound as the first phase of a program that can be expanded to other counties, replicated in other regions, or expanded statewide in the future.

Requires the department of community, trade, and economic development, subject to funding, to establish a regional transfer of development rights program in central Puget Sound, including King, Kitsap, Snohomish, and Pierce counties and the cities and towns within these counties.