Three major changes were put into effect with passage of the Rent Law of 2003 (pdf):
1) Limits the ability of NYC to pass laws concerning rent regulatory issues controlled by the State;
2) Allows for the deregulation of an apartment upon vacancy if the legal regulated rent may be raised above $2,000, even if the new tenant is not actually charged an amount above $2,000;
3) Permits an owner, upon renewal, to increase a rent stabilized tenant’s rent to the maximum legal regulated rent, regardless of whether a tenant has been paying a preferential rent.
Beginning in 2011, the 2003 rent law was superseded by the Rent Act of 2011.