Councillors at yesterday's full council meeting adopted the report, which outlines the rising unaffordability of housing for those wanting to rent or buy and 16 recommendations designed to address the challenge.
The report showed the median house price in Dunedin was now 5.7 times the median household income, meaning the city was officially considered unaffordable by some international measures.
Yesterday, Cr Aaron Hawkins, the task force's chairman, said the report's findings were clear, and the council needed to find the resources to act.
That includes tackling recommendations ranging from improvements to the council's resource consent process to looking at whether public land could be put to better use to encourage development.
But without adequate funding, the council would not gain the "traction'' needed to tackle the issues identified, Cr Hawkins said.
In voting for the recommended option, councillors backed taking a stewardship role to implement the Housing Action Plan Dunedin 2019-2039, including a budget of $130,000 a year for the next two financial years.
The money would be used to allow staff to develop a work programme and further funding requirements, based on the report's recommendations, which would be reported back to the council later this year.
But without improvements, the city's positive strides in other areas would be meaningless, Cr Hawkins said.
Housing was a major part of the council's social wellbeing strategy, as people sick as a result of poor-quality accommodation did not turn up for work and new people did not move to Dunedin without an adequate supply of quality housing.
"Above all else, this is the right thing for us to be doing.''
However, Cr Lee Vandervis - the only councillor to vote against the report - said it failed to address fundamental issues, including the impact council bureaucracy had on housing affordability.
Documents such as the council's spatial plan, transportation strategy and second-generation district plan (2GP) all had an impact on development costs, despite sometimes questionable assumptions underpinning them, Cr Vandervis argued.
That was a "recurring theme'' brought up by builders and developers he spoke to, who had opted not to participate in the housing task force despite being "fundamental to create new housing''.
Other councillors also noted their absence from the process to date, but staff pointed out industry representatives had later taken part in a housing summit, meaning their ideas had been incorporated.
Others councillors spoke in support of the report, as did Dunedin Mayor Dave Cull, who said the challenges being identified in Dunedin were the same as those faced by other centres.
The findings were not a surprise, but "we now have the facts and it is time for action'', Mr Cull said.
