Comptroller Issues Report on Security Deposits, Recommends Reforms

City Comptroller Scott Stringer recently issued a report looking at the role security deposits play in the city’s housing market and outlines proposed statewide legislation that would help renters have access to apartments. According to the report, with minimal savings and rising rents among potential renters, the upfront costs of a security deposit, along with fees for credit reports and background checks, can make moving to or within New York City a challenge, particularly for low-income renters and renters of color.

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