Bill > S00952

This bill enhances tenant protections related to security deposits for rent-stabilized dwelling units in New York City by establishing several key provisions. The bill limits security deposits to no more than one month's rent and requires that the entire deposit be refundable to the tenant upon vacating the premises, with exceptions only for specific, reasonable costs such as unpaid rent, utility charges, or damage beyond normal wear and tear. The legislation mandates that landlords provide tenants with an opportunity to inspect the rental unit before signing a lease and document its condition in a written agreement, which prevents landlords from later charging for pre-existing damages. Landlords must now provide tenants with a detailed, itemized statement of any proposed deposit deductions and give tenants a chance to remedy any issues before the end of their tenancy. Furthermore, landlords must return any remaining portion of the security deposit within 14 days of the tenant's move-out, or forfeit their right to retain any part of the deposit. The bill also places the burden of proof on landlords in any disputes about deposit retention and allows for potential punitive damages if landlords willfully violate these provisions. Additionally, the bill addresses situations involving property transfers, requiring new property owners to be responsible for security deposits under certain conditions.

Housing and Urban Affairs, Justice

https://www.nysenate.gov/legislation/bills/2025/S952