New NY Tenant Law has Landlords Upset
It’s no secret that Landlords in New York State have been up in arms over the new tenant law changes they’ve been notified about since 2019.
Well the news of these laws are making their rounds on social media with Tenants applauding the new discovery that NY Landlords must return their security deposit within 14 days. To me this doesn’t seem unreasonable, I mean after all if we do a scheduled walk through of your property and you found no damage, or even if you found damage, why should it take more than 2 weeks to return my money?
The new law states that within 14 days after a tenant has vacated, the landlord has to provide the tenant with an itemized statement indicating what repairs the security deposit is being used for, if that applies, and return the rest of the funds. If the landlord doesn’t provide the statement and deposit in 14 days, he or she could be liable for damages up to twice the amount of the deposit.
Let’s get to the nitty gritty…. The whole reason NY had to examine and change these laws in the first place is because Landlords were taking advantage. I do feel like there should be some common ground, however you can’t please everyone in New York State. Why are you holding onto my money if there isn’t anything wrong with the place?! TAKE PICTURES!