City Comptroller proposes reforms to apartment security
Cyril Josh Barker | 7/19/2018, 10:27 a.m.
City Comptroller Scott Stringer wants New Yorkers to pay less money to move into an apartment. A report by his office reveals that city residents paid an estimated $507 million in security deposits in 2016. Stringer says the cost of deposits can prevent struggling renters from moving to a more desirable apartment and neighborhood or force them to dig into their savings.
“Every day, New Yorkers are working harder and saving less—and right now, huge portions of their annual incomes are being held hostage in security deposits,” Stringer said. “These may just be considered the costs of being a renter in New York, but it’s not right and it’s not necessary.”
Stringer is proposing that the state introduce legislation that would place a cap on security deposits at one month’s rent on a one-year lease, reduce upfront costs and make it easier for tenants to get their security deposits back when they move