Waste chute or laundry pipe.

Nice install of laundry chute.

Are there any requirements, specifications for laundry chutes?

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yikes

You think there may be a little stack effect going on?

Probably none when that home was built. Guessing 1930’s?

When I run across them I always recommend a child safety latch on them. That way big brother Bobby cannot stuff little sister Susie into them.

Chuck