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Re: Increase of Security Deposit

Posted by New York Tenant on March 30, 2001 at 07:56:11:

In Reply to: Increase of Security posted by Terrie on March 28, 2001 at 17:17:53:

I believe that increasing the security deposit to be equal to the new rent (or a multiple of the new rent, if the security deposit is more than one month's rent) is standard practice in the real estate industry.

Under rent stabilization in New York City, a landlord is allowed to increase the security deposit to be equal to the increased rent under a renewal lease.

: My LL is in the process of selling the building. He has just raised out rent $150.00 with 1 1/2 month notice and we are not on a lease. He has also asked us to put up another $150.00 for an increase of our security deposit so when he transfer over our security it is the same as the rent. Do we have to pay this difference of security ? I do not want to give this additional money am i legally bound to do so? We live in Staten Island NY

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