Limits the amount of security deposit for residential rental premises which may be charged to a senior citizen who has occupied the premises for five years or more to the equivalent of one month's rent; entitles a person who has attained the age of sixty-two to a refund of that portion of any security deposit held by the landlord which exceeds one month's rent.
Summary
A07072 would amend New York’s real property law to limit the security deposit a landlord may require from certain senior tenants to no more than one month’s rent. The bill applies to residential rental premises occupied by a tenant who is at least 62 years old and has lived in the unit for five or more years. It also covers tenants who turn 62 during the tenancy: once they notify the landlord, they would be entitled to a refund of any portion of an existing security deposit that exceeds one month’s rent.
The measure is designed to provide financial relief to long-term older renters by reducing upfront housing costs and returning excess deposit funds already held by landlords. It would take effect immediately upon enactment and would create a new section of the Real Property Law, section 235-k, governing senior citizen security deposits.
Impact
The bill would add a new tenant protection to New York’s Real Property Law by capping security deposits for qualifying senior renters at one month’s rent and requiring refunds of excess amounts already collected. Landlords of residential rental premises would need to adjust deposit practices for tenants age 62 or older with at least five years of occupancy, and potentially issue partial refunds when a tenant reaches that age threshold during an existing tenancy. The practical effect would be to reduce the amount of cash tied up in deposits for eligible seniors and to impose a new compliance obligation on landlords.
Sentiment
No committee transcript or recorded vote information was provided, so there is no documented debate or formal legislative sentiment in the materials supplied. Based on the bill text and caption alone, the measure appears to be framed as tenant relief for older New Yorkers, with a consumer-protection orientation rather than a broad regulatory overhaul.
Contention
The main likely point of contention is the balance between senior tenant protections and landlord interests. Supporters would likely emphasize affordability, fairness, and the need to return excess deposits to long-term older renters, while opponents may argue that the bill restricts landlords’ ability to manage risk, especially for older units or tenants with longer occupancy histories. Another possible issue is administrative implementation, including how landlords verify age, length of occupancy, and calculate refunds when a tenant turns 62 during the lease term.
Limits security deposits to one month's rent; requires landlords to return the full security deposit and any accrued interest to which the tenant is entitled less any amount retained by the landlord within 21 days of the end of the lease.
Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
Adds a provision that allows a tenant to pay the last month's rent or any other prepaid rent. It also increases the amount that a security deposit can be requested from one to two (2) months of rent.
Adds a provision that allows a tenant to pay the last month's rent or any other prepaid rent. It also increases the amount that a security deposit can be requested from one to two (2) months of rent.
Adds a provision that allows a tenant to pay the last month's rent or any other prepaid rent. It also increases the amount that a security deposit can be requested from one to two (2) months of rent.
Adds a provision that allows a tenant to pay the last month's rent or any other prepaid rent. It also increases the amount that a security deposit can be requested from one to two (2) months of rent.