What is the security deposit limit in New York?
Under New York General Obligations Law § 7-108, enacted through the HSTPA of 2019, landlords may not collect a security deposit or advance greater than one month's rent for residential tenancies (excluding seasonal and co-op units). The deposit must be held in a New York state bank account; for buildings with six or more units, the account must be interest-bearing. Landlords must notify tenants in writing of the bank name and address, and may retain an annual administrative fee of 1% of the deposit, remitting remaining interest to the tenant. Upon vacatur, landlords have 14 days to return the deposit with an itemized written statement of any deductions. Failure to comply within 14 days forfeits the landlord's right to retain any portion of the deposit.