New York 2025-2026 Regular Session

New York Assembly Bill A10984

Introduced
4/14/26  

Caption

Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units.

Impact

The implementation of A10984 is expected to enhance the financial rights of tenants by ensuring that any deposits made for rental properties are not only securely held but also accrue interest over time. This change aims to provide a more transparent and fair rental experience, as landlords would be incentivized to manage deposits responsibly, knowing that their handling of tenants' money can affect their partnership with banks and, consequently, their own financial responsibilities. It recognizes the importance of protecting tenants’ financial contributions to their living arrangements.

Summary

Bill A10984 proposes an amendment to the general obligations law in New York state regarding interest on money that is deposited or advanced for the rental of property. Specifically, the bill addresses situations involving rental properties that contain six or more family dwelling units or are part of an aggregate portfolio of six or more units. The key provision of the bill requires that the money received by landlords for these rentals must be deposited in interest-bearing accounts, with interest rates that reflect the prevailing rates offered by banking organizations in the area.

Contention

Despite the potential benefits, there may be points of contention regarding the bill among various stakeholders. Landlords may express concerns about the increased administrative responsibilities and potential costs associated with managing interest-bearing accounts. Critics of the bill might argue that it could complicate rental agreements and lead to higher rental costs as landlords seek to cover any additional expenses incurred. Conversely, advocacy groups may support the bill, underscoring the importance of securing tenants' deposits and promoting responsible financial practices within the rental market.

Companion Bills

No companion bills found.

Previously Filed As

NY S07882

Prohibits a person or entity from knowingly or with reckless disregard facilitate an agreement between or among two or more residential rental property owners or managers to not compete with respect to residential rental dwelling units, including by operating or licensing a software, data analytics service, or algorithmic device that performs a coordinating function on behalf of or between and among such residential rental property owners or managers.

NY S09117

Establishes the small homeowner rehabilitation revolving loan program administered by the New York state housing finance agency consisting of moneys appropriated by the legislature, repayments of principal and interest on loans made from the program, interest earnings, private or philanthropic contributions, and any other moneys made available for its purposes; authorizes the New York state housing finance agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible small homeowners for eligible rehabilitation and repair projects; provides for eligibility requirements and tenant protections.

NY A09420

Provides that the acquisition of interests or rights in real property for the preservation of open spaces and areas shall constitute a public purpose for which public funds may be expended or advanced.

NY S07709

Relates to alternative forms of identification for renters insurance, including a municipal identification card, or other state or local government-issued identification card, or a notarized copy of the rental lease signed by the property owner, the property management firm and the insured.

NY SF246

A bill for an act relating to interest on state moneys invested in depository time certificates of deposit.

NY S09889

Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

NY A10475

Relates to authorizing counties to set interest rates imposed on late payment of property taxes and delinquencies and redemption of property subject to more than one tax lien.

NY S08904

Relates to certain lease terms for BOCES properties increasing the maximum rental period to 20 years.

NY A07616

Relates to provisions governing contracting between state agencies and not-for-profit organizations including new, renewal, and extension contracts and advance payments and interest for such contracts; repeals provisions relating to interest payments.

NY S08253

Relates to interest on unclaimed child and spousal support payments by the owner of abandoned properties.

Similar Bills

No similar bills found.