An effort to cap annual rent increases in California received a boost Wednesday when Gov. Gavin Newsom embraced the idea and said he wants even more restrictions than currently planned.

“I’m hopeful … that I will get on my desk in the very near term a rent cap bill because it is long overdue in the state of California,” Newsom said at a Wednesday event in Los Angeles unveiling new funding to protect renters from evictions.

Assembly Bill 1482 from Assemblyman David Chiu (D-San Francisco), which is pending in the state Legislature, would limit annual rent increases statewide to 7% plus inflation for the next three years. It would also, over the same period, prevent landlords from evicting their tenants without first providing a reason. The bill would not apply to apartments built within the last decade and, in most cases, to single-family home rentals.

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