The Rent Regulation Reform Act of 1997 (pdf) was enacted in June 1997. It changed many provisions of New York Housing Law:
- Extended 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.
Beginning in June 2003 with passage of the Rent Law of 2003, some aspects of the Act have been superseded by subsequent rent legislation.