HSTPA - Housing Stability and Tenant Protection Act

As you may be aware by now, New York has recently changed their laws under the Housing Stability and Tenant Protection Act of 2019. This includes the use of security deposits, and these laws apply statewide.

According to the new law, Tenants in rent-stabilized and unregulated units may not be required to deposit more than 1 month’s rent as security deposit. Landlords can also no longer accept or require first and last month’s rent at the beginning of a tenancy, or anything more than 1 month’s rent and 1 month security deposit.

Further, a Landlord has ONLY 14 days to return security deposit after the tenant vacates the apartment and must provide an itemized statement if any portion of the deposit is retained for nonpayment of rent, nonpayment of utility charges, damage caused by tenant beyond wear and tear and moving, or storage of tenant’s belongings. If the Landlord fails to provide itemization to deposit within 14 days, the Landlord forfeits their right to retain any portion of the security deposit. Any willful violation can be subject to punitive damages up to twice the amount of the deposit.

Please note that the security deposit cannot be withheld based on anything other than wear and tear, or attorneys’ fees, late fees, additional rent, or other miscellaneous charges and the itemized statement must specify any repairs or cleaning.

If you have any questions, please do not hesitate to contact us. We will continue to send information regarding the new law to help everyone’s understanding on the new rent law.