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Comptroller: Cap Security Deposits at One Month’s Rent
City Comptroller Scott Stringer on Sunday called for capping renters’ security deposits at one month’s rent for a one-year lease, among other measures. Presented as part of a new report from the comptroller’s office, these proposals include the option of paying security deposits in installments and establishing third-party custodians to hold security deposits, rather than landlords.
Some of the proposals are already in use elsewhere. In Seattle, for example, renters have the option of paying their security deposits in six monthly installments. The proposal to establish third-party custodians is modeled after one commonly used in England.
“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.”
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