Security Deposits Are the Bane of Many Renters. Lawmakers Want to Change That.

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Security Deposits Are the Bane of Many Renters. Lawmakers Want to Change That.
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More legislators are trying to eliminate a practice that has prevented many lower and middle-income people from renting an apartment: the steep, all-cash security deposit

A growing number of legislators are trying to eliminate a practice that has prevented many lower- and middle-income people from renting an apartment: the steep, all-cash security deposit.

With low-cost housing hard to come by in many states, state and city lawmakers are introducing bills that would give younger renters and others strapped for cash the choice to replace security deposits with insurance policies or installment plans paid overtime. These payments are usually equivalent to one or two months’ rent, which landlords...

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