The cost to move into a furnished rental in California will be cut in half under Assembly Bill 12, which took effect Monday, July 1. For an unfurnished unit, maximum move-in costs will be a third less.
Massive security deposits can create insurmountable barriers to housing affordability and accessibility for millions of Californians.
Despite skyrocketing rents, laws on ensuring affordable security deposits haven't changed substantially since the 1970's. This new law is a simple, common sense change that will have an enormous impact on housing affordability for families in California.
A Legislative Analyst's report on the new law noted that rents have increased disproportionately faster than the costs of most goods since the old limits were established.
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