Gov. Maura Healey signed a borrowing bill into law Tuesday that she argued is Massachusetts’ most “ambitious” attempt to beat back crushing housing costs and boost accessibility for residents across the state.

The $5.2 billion housing bond bill the governor approved was one of the few major pieces of legislation to make it to her desk after 23-hour legislative sessions last week that marked the close of the House and Senate’s formal business for the year.

Healey took a victory lap alongside supporters at an event in Newton, where she said the state was in line to build, preserve, and rehabilitate tens of thousands of homes over the next five years because of the new law.

“We’re a state that leads in freedom and equality, but we know if you can’t afford rent, if you can’t afford a mortgage, you can’t afford to live here, and that’s not right,” Healey told a crowd several hundred strong that packed an event room inside a senior living center.

But what ultimately landed on the governor’s desk was a stripped-down bill that did not include a range of policy proposals that legislators and Healey had attempted to push through in previous versions.

An up to 2% tax on high-value home sales backed by the governor but heavily opposed by the real estate industry was resoundingly rejected by Democrats in the House and Senate earlier this year.

A House-approved expansion to the Massachusetts Water Resources Authority also did not make it into the final bill as well as a Senate effort to put landlords on the hook for broker’s fees instead of tenants.

The legislation does grant homeowners the right to construct accessory dwelling units under 900 square feet on single-family lots, which the Healey administration expects will lead to between 8,000 and 10,000 new additions over the next five years.

The policy attempts to replace a “patchwork” of zoning regulations across the state with a uniform law that allows people to bypass special permits or variances unless they try to build more than one addition.

Lt. Gov. Kim Driscoll said the borrowing bill is an “incredible investment” in housing in the state.

“A billion here, a billion there, pretty soon it’s real money,” the former Salem mayor said.

Healey also signed off on a measure that would allow residents to seal some eviction records, a move lawmakers argued would help tenants to prevent landlords from holding years-old records against them when securing new housing.

Sen. Lydia Edwards, a Boston Democrat who co-chairs the Legislature’s Housing Committee, said the bill is a “course correction in our housing policy and our pathway toward justice.”

“It’s a course correction when it comes to acknowledging and reflecting on the racial discrimination and segregation in our housing,” she said.

Though the bill clocks in at $5.2 billion to address housing costs in Massachusetts the Healey administration’s capital spending plan for the next five years only calls for $2 billion to be shuttled towards housing, including $400 million this fiscal year.

Critics of the proposal picked up on that.

“Even the proponents of the housing bond bill admit it won’t come close to meeting future demand for housing in Massachusetts. Although the bill carries a $5.16 billion price tag, much of that bonding capacity it authorizes will never translate to actual spending,” the advocacy organization Homes for All Massachusetts said in a statement.

The group’s executive director, Carolyn Chou, cautioned Massachusetts politicians from declaring “mission accomplished” on the housing crisis.

“The housing bond bill includes meaningful funding to support public housing and build new affordable housing, but legislators failed to include any tools to help renters who are facing enormous rent hikes and eviction today,” Chou said in a statement.

Edwards said officials are “not saying mission accomplished.”

“We’re saying the mission is clear, resources getting ready, team is assembling,” she said. “Because at the end of the day, we don’t forget people sleeping outside. We don’t forget about the people at Mass and Cass we don’t forget about the people who are at the airport. We don’t forget about people working two and three jobs and watching their rent go up.”