New York renters faced uncertainty about potential large rent increases as state lawmakers let rent regulations expire on Monday without renewing them. But the city has been there before, with no dire consequences.

“The real story is, don’t panic,” said Tim Collins, former executive director of the New York City Rent Guidelines Board and a lawyer who represents tenants.

Legislators have not resolved their differences over what to do with the regulations, which limit rent increases for more than one million apartments in the city. But tenant advocates and elected officials say that when legislators reach a deal, as they are widely expected to do, they will most likely make the new law retroactive to June 15.

Until then, officials and landlord groups noted, every tenant’s existing lease, and monthly rent, will remain in effect. And a tenant whose lease is about to expire should have already received a renewal lease, which would still be in effect once the tenant signs it, even if the rent law has lapsed.