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Rent Regulation Reform Act of 1997
Its
Provisions and How it Affects the Authority of the New York City Rent Guidelines
Board
[Also
see Rent Law of 2003 and Rent Act of 2011]
What
is the Rent Regulation Reform Act of 1997?
The Rent Regulation
Reform Act of 1997 was enacted in June 1997. However, some aspects have been superseded by the Rent Law of 2003 and the Rent Act of 2011.
It changed many provisions of
New York Housing Law:
- Extends the
Rent Stabilization Laws until June 15, 2003.
- Provides a
new formula for computing the rent increases for stabilized apartments
which become vacant.
- Changes the
definition of "succession" rights so that an apartment can be "passed
down" for only a single generation without a vacancy increase.
- Broadens "luxury
decontrol" to households earning more than $175,000 in two consecutive
years with rents of $2,000 or more. Previously, only households with incomes
of $250,000 or more were subject to vacancy decontrol.
- Requires tenants
to pay rent into escrow in certain Housing Court disputes.
Click
here for the text of the Act in its entirety.
When
do the provisions of the Rent Regulation Reform Act take effect?
Most of the Act's
most important provisions (e.g. the formula for calculating the vacancy allowance)
were retroactive to June 15, 1997.
How
does the Rent Regulation Reform Act affect the powers of the Rent Guidelines
Board?
The Board will
continue to set percentage increases for renewal leases of stabilized apartments.
The Rent Guidelines
Board could also pass a vacancy allowance IN ADDITION TO that provided for
in the Rent Regulation Reform Act of 1997. However, the Board has not done so since the Rent Regulation Reform Act of 1997 was passed.
For the current vacancy guidelines, see our current Vacancy Leases page.
Page Posted July 18, 2012
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