One way is to get the Year, Month, and Date into separte variables.
Then use mtime to get the previous date...
$date1 = "2001-10-30";
$MM = date("m", strtotime($date1));
$DD = date("d", strtotime($date1));
$YY = date("Y", strtotime($date1));
$date2 = date("Y-m-d", mktime(0,0,0,$MM,$DD-1,$YY));
// The $DD-1 gets the day before
echo $date2 // $date1 minus 1 day