of course they want to eliminate it. just one more brick removed from the wall.
Many tenants view security deposit as last months rent and therefore consider themselves zero-liable for damage to the property
“all-cash security deposit”
That isn’t right. How much of that gets declared to the IRS? Too easy to say it never got paid when you move out. (and I ain’t no friend to the IRS)
Lower deposits mean higher rents because of increased risks.
Most tenants are good tenants. But there are enough bad ones, the kind who trash the place, move out without paying their rent, quit paying rent and stay long enough to get evicted etc., that this is why landlords ask for security deposits in the first place.
“the steep, all-cash security deposit.”
I take it lawmakers aren’t in real estate. So let’s make lawmakers rent their basements out to those without enough cash for one months rent.
This! Liberals are so damn stupid. I have a bunch of rental properties. They are pretty nice properties in a good location. I may take a chance on someone with less than stellar credit if I get a meaningful security deposit. If I can't get a meaningful security deposit, they will have to go elsewhere.
The government should force property owners to provide room and board to the less fortunate, everybody wins!
One month’s rent as a deposit is not enough in NYC, where the process of eviction can take several months. I don’t take the side of bad landlords, but this law doesn’t seem fair to the good ones.
Gee, if the lowest of lowlife renters didn’t trash everything they touch, I’d wager those mean old capitalists would never have dreamed up security deposits in the first place!
You have to pay a security deposit when you rent a car. I’ve never been a property owner, never owned my own home, but I can understand why landlords require them...especially these days.
That's really a misnomer. Landlords almost never hold back security deposits.
The real reason for "security deposits" is to help reassure the landlord that the prospective tenants will pay the rent on time. Not even having two months of rent saved up is a sign that the tenant is not able to manage money well and will likely miss the rent too.
A growing number of legislators ...
... that live in their mother’s basement...
Rent control is a certain path to shortage of rental apartments. I can posit that from having witnessed rent control first hand.
AT least we aren’t talking about shutting down the fiat currency production, ever increasing debt and constant devaluation of the American Dollar
Liberals don't believe in the Law of Unintended Consequences.
Of course this is going to diminish the supply and availability of rental housing.
“Lawmakers” versus reality.
I see the law of unintended consequences rearing its ugly head again. Just like the $15 an hour minimum wage, this is going to screw the people they claim to be helping. Perhaps the next brilliant idea is going to be to outlaw credit checks on potential renters.
I think a total lack of common sense must be a prerequisite to be an elected official.
Lots of businesses require deposits. Utilities too.
If they don’t strike ALL security deposits- it’s ex post facto IMHO, though probably not legally.
I do know landlords who make ‘other arrangements’. Sometimes it works out, sometimes it don’t.
this is another example of government creating a problem (making it harder to evict people) and then trying to FIX the problem, but in the process only making it worse.
If you remove their ability to collect more security deposits they think are necessary.. They will simply raise the rent to make up the difference!