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Comptroller Stringer Advocates To Lower Cost Of Security Deposits

July 15, 2018 - 4:50 pm
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NEW YORK (WCBS 880) -- New York City’s comptroller says many landlords in the city are adding to the housing crisis by charging too much for security deposits.

The city has seen rent steadily increase over the years, and now the City Comptroller Scott Stringer says security deposits are also going up, taking a toll on apartment affordability.

He cited a report that shows New Yorkers spent $507 million on security deposits in 2016 and said the high costs is making it impossible for people to move into the city.

“The city is becoming more out of reach for our younger people who want to move here, find employment here, but they can’t live here because the startup cost to a new apartment is out of reach unless you’re making a high six-figure income,” Stringer said.

The comptroller said security deposits, which are not returned until someone moves out and leaves the rental in pristine condition, can be as high as a month’s rent.

“When you add up the rent, security deposit, the broker’s fee, it’s no wonder that this city is becoming unaffordable,” Stringer explained.

Stringer’s office is now calling for new policies to level the playing field for tenants and put money back into the hands of New Yorkers.