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Rebecca Burney and her family moved to Stuyvesant Town for the sense of community and the kid friendly atmosphere. Beginning in January, she can add rent stabilized apartment to the list.

"Very happy. I would love not to pay as much. I just hope they keep up the services because I really like living here," Burney said.

Living in Stuyvesant Town and Peter Cooper Village in Manhattan is about to get cheaper for Burney and thousands of her neighbors.

Since 2007, tenants have been battling with landlord Tishman Speyer Properties. A court found that beginning in 2003, Tishman Speyer illegally deregulated apartments that became vacant even while it was getting millions of dollars in city tax breaks.

On Monday, Tishman Speyer and the tenants announced an interim agreement which will ultimately return 4,400 market rate apartments to rent stabilization. They have six months to hammer out a final deal.

"It'll have an immediate positive impact. One because people's rents will be reduced going forward and two because it's a positive development going forward to reach an agreement on a global basis," said Stuyvesant Town tenant's attorney Alex Schmidt.

In January and February, tenants will pay the estimated rent stabilized rate or their current rate, whichever is less. An independent consultant will also have to determine rent beyond February. Tenants will also have rights to automatic renewal and succession.

Still to be ironed out is the payment of $215 million in damages in overpaid rent. All this could become a headache for a new landlord if Tishman Speyer, which purchased the complex from Met Life in 2006, can't bail itself out of massive financial debt.

"Tishman Speyer is running out of funds for the debt it incurred in 2006 and whomever comes in will have to compensate tenants for the harms they've faced. We're going to insist on that," said City Councilman and lifelong Stuy-Town resident Dan Garodnick.

An attorney for Tishman Speyer won't comment on the company's finances or future other than to say this interim agreement is a good step. But for people like Burney, there is now ample reason to look forward to a stable future at Stuyvesant Town.

"I would like to stay here for a long time. And it's an incentive to stay here longer," Burney said.

The hope is that both sides can negotiate an agreement within the next several months.