Bill > A07072

This bill amends New York's real property law to provide financial protection for senior citizens in residential rental situations by limiting security deposits and mandating refunds. Specifically, the bill restricts landlords from charging more than one month's rent as a security deposit for any residential rental premises occupied by a tenant who is 62 years of age or older and has lived in the same residence for five or more years. If a tenant turns 62 during their tenancy and notifies their landlord, they will be entitled to a refund of any security deposit amount that exceeds one month's rent. This legislation aims to reduce the financial burden on older renters by preventing them from being required to pay excessive security deposits and ensuring they can recover any funds above the one-month threshold. The bill would take effect immediately upon becoming law, providing immediate protection for senior citizens in New York's rental housing market.

Justice

https://www.nysenate.gov/legislation/bills/2025/A7072