Newsom said the bills, which he signed Monday night, are the most consequential housing reform in recent California history.

Gov. Gavin Newsom (D-CA) touted the $750 million tax credit for film and television made in his state, calling it a “big part” of the “renewal” for Los Angeles. Newsom’s signature doubles the current tax credit of $330 million.

"Sacramento did its job, now it's time for L.A. city to do our job," Mayor Karen Bass added, pledging to streamline permitting processes for the industry.