SACRAMENTO (CBS / AP) — The California Assembly on Wednesday passed a statewide rent control bill that caps rents increases at five percent plus inflation.

The measure is now headed to Gov. Gavin Newsom’s desk for his consideration.

READ MORE: 'Major Flood Threat:' National Weather Service Says Storm Could Be Historic

The California Senate approved voted 25-10 on Tuesday to approve Assembly Bill 1482 from Assemblymember David Chiu (D-San Francisco), a bill that would cap annual rent increases at 5% plus inflation. The cap would not apply to housing built within the last 15 years, single-family homes not owned by corporations or trusts, and duplexes where the owner lives in one of the units. The cap expires in 2030.

READ MORE: Updates: Strong Winds And Rain Moving Across Sacramento Region

Supporters say the bill will help tenants stay in their homes while the state rushes to build new housing to meet the state’s outsized demand. Critics say it will discourage construction of new housing and hurt smaller landlords.

AB1482 is one of several housing-related measures considered by the legislature in the final days of its session. Last week, lawmakers in both chambers approved Senate Bill 330, which aims to increase housing production by reducing roadblocks for builders.

MORE NEWS: Highway 160 Closed Due To Accident Involving Caltrans Vehicle

© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.