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Local law · Int 0421-2024

Providing tenants the option of paying a security deposit in six equal monthly installments

Official titleShow

A Local Law to amend the administrative code of the city of New York, in relation to providing tenants the option of paying a security deposit in six equal monthly installments

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Filed at end of sessionLatest action Dec 31, 2025

New York City Council

Sponsor

Lincoln Restler

Council Member, District 33 · Democratic

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Summary

For residential tenancies that are six months or longer, this bill would provide tenants the option of paying a security deposit in six, equal, consecutive monthly installments added to the first six rental payments, respectively. Tenants with a shorter term tenancy of less than six months would be permitted the option of paying equal, consecutive monthly installments provided that the number of installments match the number of months of the tenancy. This bill could alleviate hardships associated with the requirement to pay a security deposit in one lump sum.

Summary from NYC Council (Legistar). How we handle summaries

From the NYC Council's legislative record (Legistar) and official rosters. This record was last updated Sep 7, 2026. About our data

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Where it stands

The session ended before it was voted on. It was not defeated; it simply ran out of time, which is what happens to most legislation. It would have to be reintroduced.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted
Filed at end of session

Committee

Committee on Housing and Buildings

Cosponsors

Shaun Abreu, Shekar Krishnan and 7 others

Cosponsors in the order the New York City Council lists them.

  • Democratic9

Shown in neutral colors by design; Agora is non-partisan.

Full history

  1. Dec 31, 2025

    Filed

    This Introduction was Filed (End of Session)

    NYC Council

  2. Feb 28, 2024

    Introduced

    This Introduction was Introduced by Council

    NYC Council

  3. Feb 28, 2024

    Referred to committee

    This Introduction was Referred to Comm by Council to the Committee on Housing and Buildings

    NYC Council