Friday, February 3, 2023

The measure will require tenants to deposit only one month’s deposit when renting a home in California.

A new bill promises to give Californians some breathing room when it comes to paying a deposit to rent a home in California.

If the AB-12 bill is approved, tenants could only require one month’s rent from future tenants as a security deposit.

Currently, some people have to pay two to three months’ rent as a security deposit, which is exorbitant for renters in the Bay Area, where apartment rents exceed $3,000.

“When tenants can’t pay the deposit, they often have to borrow from predatory lenders, go into debt, or simply live,” said Assemblyman Matt Haney, who chairs the state Assembly Tenant Caucus. Huh. “Landlords lose good tenants, and tenants are left in apartments that are overcrowded or have unsafe living conditions. Creating rental deposit limits is a simple change that could have a huge impact on housing affordability for families in California.” Will have a big impact.”

An example of this is the average rent for a two-bedroom apartment in San Francisco, which is around $5,000. This means that a tenant can be asked to pay up to $15,000 to live in an apartment. Many states, including New York, Kansas, Hawaii and Alabama, limit the security deposit to one month’s rent.

AB-12 would have no effect on the liability of landlords, who would still be able to claim damages from tenants who are responsible for property damage in excess of the security deposit amount.

“This bill will remove a major barrier to housing access and affordability,” Haney said. “Our state cannot continue to function as usual. We need to make immediate, common sense changes to make things easier for Californians during this housing crisis.”

If the measure passes, California would be the 12th state in the nation to limit security deposits to just one month.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news