Renters in California will no longer be asked for a security deposit larger than one month's rent, under a bill signed into law by Gov. Gavin Newsom.
SAN FRANCISCO – On Wednesday, the governor signed Assembly Bill 12 by Assemblymember Matt Haney . According to Haney, the measure would stop the practice among certain landlords to charge two or even three times the monthly rent as a security deposit.'Massive security deposits can create insurmountable barriers to housing affordability and accessibility for millions of Californians,' Haney said in a statement.
ALSO READ: Mountain View 1-bed apartment rents jump above San FranciscoHaney cited data that more than half of renters, 53%, indicate that they are able to afford their rent but are unable to get an apartment because they are not able to come up with two month's rent as a deposit.
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