Or for those who need a summary,

The proposal by itself wouldn’t have been able to take full effect because lawmakers blocked another bill to create a reparations agency that would have reviewed claims.
“I thank the author for his commitment to redressing past racial injustices,” Newsom said in a statement. “However, this bill tasks a nonexistent state agency to carry out its various provisions and requirements, making it impossible to implement.”
Black caucus members blocked the reparations agency and fund bills from receiving a final vote in the Assembly during the last week of the legislative session last month. The caucus cited concerns that the Legislature would not have oversight over the agency’s operations