Elected officials propose plan to use security deposits for April rent

Council Member Keith Powers

By Maria Rocha-Buschel

Four local elected officials, including Councilmember Keith Powers, have proposed that renters be allowed to use their security deposit for this month’s rent. Powers, in addition to Brooklyn Borough President Eric Adams, Brooklyn Councilmember Robert Cornegy and Manhattan Borough President Gale Brewer, announced the proposal last Tuesday and sent letters to Mayor Bill de Blasio and Governor Andrew Cuomo last Thursday asking that tenants be given relief.

Allowing tenants to liquidate their security deposits would serve as a needed $8 billion cash infusion for the thousands of New Yorkers who have lost their jobs or income due to the coronavirus outbreak, the officials told Crain’s last week.

“New Yorkers are facing unprecedented circumstances due to the coronavirus,” Powers said. “With thousands of tenants facing sudden and unprecedented hardships, we must look toward immediate solutions for those struggling to make their next rent payments in a matter of days. Using existing, pre-paid security deposits to supplement rent payment allows tenants time to seek relief.”

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