The statewide measure would cap security deposits at one month’s rent for most units.
In California, it’s perfectly legal for landlords to ask renters to cough up more than $10,000 before handing over the keys to a new apartment.
The measure would provide relief to many of California’s roughly 17 million renters already struggling to afford the state’s exorbitant rental prices, said Matt Haney, the Democratic state assemblymember from San Francisco behind the bill. Across the nine-county region, almost half of all renters pay more than 30% of their income on housing costs, classifying them as “rent burdened” by federal standards, according to academic researchers with the Bay Area Equity Atlas.
Assemblyman Matt Haney, D-San Francisco, during the Assembly session in Sacramento, Calif., on Thursday, June 30, 2022. In California, landlords can charge up to two months’ rent as a security deposit. For a furnished unit, it can be up to three months.But a new bill by Haney aims to end those high charges, capping security deposits at a single month’s rent for most apartments, condos, and single-family homes.
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