Tenants in rent-regulated apartments would largely see an end to big rent increases under the new legislation.
The new rules would mark a turning point for the 2.4 million people who live in nearly one million rent-regulated apartments in New York City after a steady erosion of protections and the loss of tens of thousands of regulated apartments.
The regulations that lawmakers agreed upon would stretch beyond New York City to the entire state, allowing other municipalities to enact their own rules to keep apartments affordable.
Both chambers of the State Legislature are expected to vote on the new package this week, before the current set of regulations are set to expire on Saturday.
Unlike previous regulations, which had to be renewed once they expired, the new rules would be permanent.