BY GEORGIA KROMREI
Brokers are sounding the alarm on one unintended potential consequence of the new rent law— and it most acutely affects those new to New York.
Since apartment owners are no longer allowed to charge more than one month’s rent as a security deposit, landlords may not be able to rent to the droves of international students in New York City who come to study at universities like NYU and Columbia.
Adam Frisch, managing principal at residential brokerage Mantus Real Estate, said that while tenant advocates may have intended to keep
housing costs down for New Yorkers, the effects spell disaster for international students.
“For international students, it’s much worse. And the reason? It is now illegal in the state of New York to take more than one month security,” Frisch
said. “We’re going to have a crisis with international students. Nobody will rent to them. They don’t have social security numbers.”
Read Full Article on The Real Deal: https://therealdeal.com/2019/07/25/another-victim-of-the-new-rent-law-international-students/