This editorial does call for gradual decontrol over two-to-10 years, and lists several possible approaches: Vacancy decontrol, reduction of maximum allowable income from present $250,000 on down, time allowance for rents to rise until they reach market levels.
To sum up, a New York Times 12/17/97 Editorial: New Era for Rents, quotes Peter D.
Believe it or not, such increases are easier to obtain for rent
controlled units than rent stabilized units.
Changes include raising the consumer price index - used to calculate rent increases - from 75 percent to 100 percent, using the previous year's rent instead of the current 1986 base rent to calculate increases and vacancy decontrol or some form of reasonable adjustment for rents
when a coach is sold.
The outlook for rents
in this district is positive, due to the bolstering effect 600,000 square feet of Class A office space, priced accordingly, will have at 250 North Street.
The low rent supplement has been changed to $15 for rents
of $400 or less, however, it can only be charged if the resulting rent is $415 or less, including the guidelines increase.