The views of those in support of renewing the regulations:
However, some don't think the stakes are that high:
"One school of thought among political insiders is that, for all the dramatic talk, little is going to change in June—that a closely divided upper chamber is unlikely to deliver big wins for either tenants or landlords. In light of Republicans gaining an outright majority in the Senate, Manhattan Borough President Gale Brewer told City & State in an interview at SOMOS, “We all hope to have vacancy decontrol done away with.” But she adds: “I am realistic. I think we are just going to be able to get a continuation of the current rent regulations—let’s hope to God we get that—over a million units are at stake.”http://www.cityandstateny.com/2/83/infrastructure/high-stakes.html
I tend to believe that the rules will largely remain in place, and that we will continue to gradually see more units become market rate.