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.
Conservative promises unrealistic and using bullying tactics? Who would have thought.
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.