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

"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.

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.