The thrust of it is that the federal government would withhold funding to municipalities unless they meet certain home-building targets.
Critics worry that this will accelerate suburban sprawl in order to meet quotas. There are some provisions regarding rental housing and transit infrastructure, but with unrealistic time/budgeting constraints.
Their developer supporters must be salivating at the thought of building more single family houses though, which solves the housing/affordability crisis about as well as building bigger roads solves traffic congestion.