security deposits

Policy, real estate trends

NYC, nyc skyline, new york

Photo via Creative Commons

In addition to having some of the highest rents in the country, New York City requires renters to provide a substantial chunk of money up front to cover an apartment’s security deposit. According to a new report by City Comptroller Scott Stringer, New Yorkers forked over more than $507 million for security deposits over the course of 2016. Stringer is calling for an overhaul of the city’s security deposit system, which he says has created a financial barrier that has intensified the city’s affordable housing crisis. “For too long, the deck has been stacked against New York’s working-class renters but we’re taking a step forward to reimagine how the housing system works in our City,” Stringer said in a press release.

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