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City Comptroller Says New Yorkers Are Paying Too Much For Security Deposits

July 15, 2018 - 4:33 pm
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NEW YORK (1010 WINS) -- 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 blamed greedy landlords for the problem.

“We’re pricing out people who want to come here from all over the world, the next generation of New Yorkers, who have dreamed of living here and working here, all because of greed and it’s not right,” 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.

Stringer’s office is now calling on both the city and the state to draft new models to reduce these expenses.