The “Good Cause Eviction” bill is gaining traction in New York as Gov. Kathy Hochul and legislators are close to reaching an agreement on key housing issues. The bill, championed by State Sen. Julia Salazar, would cap rent increases and provide tenant protections that critics say would make it difficult to evict someone unless they break their lease.

The current deal on the table would limit rent increases to 10%, or 5% plus the latest Consumer Price Index, similar to a law in California. Landlords could face legal action if they raise rents above these levels. Hochul has also proposed limiting the law to apply only to units below a certain rent threshold and providing a 15-year exemption for new construction.

Negotiations are ongoing, with discussions on exemptions for high-rent units and whether municipalities should have the option to opt-out of the law. The housing talks also include proposed tax credits and incentives for affordable housing, converting office space into homes, and changes to building height restrictions.

Lawmakers and Hochul are more optimistic about reaching a deal on housing this year compared to last year when talks floundered. Hochul referred to previously stalled bills as “Lazarus bills” that are now back on the table. With progress being made, there is hope for a housing deal to be finalized by the weekend.