‘Renter's Choice Plan' proposed by elected officials during pandemic

Posted: Updated:

As many face financial insecurity in the wake of the coronavirus pandemic, a group of elected officials has a plan to help tenants make rent, without taking money out of their own pockets. 

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They’re proposing what they’re calling the Renter's Choice Plan.

The plan would free up about $8 billion in cash that’s currently held up in security deposits across New York City. 

Renters who decide to use that money to help pay next month’s rent would have to pay it back within 30 days or opt for an insurance plan that would require monthly payments. 

 

The borough presidents in both Brooklyn and Manhattan, alongside some City Council members, are calling on the mayor and council to act quickly--and appeal to state and federal government if needed. 

“We know far too often that we state that you save money, you put money in escrow, it normally sits there. Well we believe this escrow and this money is something that could be used to put energy and put resources back into our city,” said Brooklyn Borough President Eric Adams. 

They say if the plan were to go national, it could free up about $45 billion across the country.

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