California is on the verge of having statewide rent control.

Assembly Bill 1482—which will bar landlords from hiking rents more than 5 percent, plus local inflation, in one year—was approved this afternoon in the state Assembly on a 46-22 vote. Inflation varies by region, but averages about 2.5 percent in California.

The bill now heads to Gov. Gavin Newsom’s desk; he has said he will sign it.

Read More: https://www.msn.com/en-us/money/realestate/california-assembly-passes-statewide-rent-control-bill%E2%80%94governor-will-sign/ar-AAH9CIu