Change in law

One way is to provide a local US citizen guarantor with adequate income.

Very interested in finding out other work arounds for the landlords to accept more than 1 month security deposit or advanced rent.

300, do you see schools getting involved here in the future? SaraVB, try finding a landlord that will take you with Insurent as your guarantor in case you don't have someone here you can use. it will cost extra but see if thats an option you can use.

Not sure whether schools will start to guarantee unless they collect the rent in advance and then guarantee. The same could be true about renter's attorney putting the money in escrow and guaranteeing the payment of rent.

Any other workaround you have heard which will allow landlords to collect more than 1 month rent or security deposit?
Could it be called a "pet or facility fee" of 1 month and last month rent is adjusted against it. Or volunteer payment by the renter rather than a requirement from the landlord?

"Reining in security deposits, background and credit check fees

Under this plan, market-rate tenants would be required to put down no more than one-month’s rent as security deposit, the same rule that currently applies to rent-regulated tenants. A City Council bill introduced this year seeks to make the same requirement.

The new provisions would also limit the amount that landlords can charge prospective tenants for background and credit checks to no more than the actual cost of the background check or credit check, or $20 at most."

https://gothamist.com/2019/06/14/rent_deal_nyc_tenants_laws.php

The way around it is to pay a fee to third party guarantors like Insurent.

Any other workaround you have heard of? I am guessing third party guarantors are pretty expensive.

I expect there will be a rise of attorney escrow accounts for rental tenants. Also there seems to be a rapid rise in the number of third party guarantor company's. The latest issue of The Real Deal has a few new/newish company's.

I agree with attorney escrow account. That is the cheapest.

So you think a lot of tenants have attorneys that they give enough business to that they would hold their rent in escrow and deal with making the payments (because I can't imagine that asking for rent in the landlord's attorney's escrow wouldn't be deemed the same thing as a deposit required by the landlord)? And what would you do on renewals? It doesn't matter if it's proposed by the tenant it's just not allowed (at least that's the way it's always been with Rent Stabilised and this has been described as mirroring that).

I would also be wary of trying "creative solutions" because a lot of violations of these types of things has resulted in treble damages awards in the past, plus historically the surest way to lose a professional license (Real Estate, Law, etc) is to screw around with escrowed funds.

No, not many tenants will have attorney's but there might be an opportunity for this business to rise as an alternative. There is a lot of room for grey blurred lines from what I have been hearing. As to what is allowed- this is proposed for market rate rentals as an alternative for larger security deposits- not rent stablized apartments. Build regulation, the market will find ways- legal ways, to work around it. I am not saying I agree-as the law of unintended consequences can rear it's ugly head, but we will see.

The problem is this didn't really make things better for renters. Before say that had to leave a 3 month security deposit with the landlord. Now, the have to leave a one month deposit with the landlord, a three month deposit with Insurent and pay a one month fee to Insurent.

Renter’s attorney will hold escrowed funds for a fee and offer a guarantee limited to escrow funds. Landlord’s attorney will likely be a violation.

Agree with the law making things worse for foreign renters potentially young people moving to NYC without job history.

They'll have to move in with established roommates and pay the year to them in advance.

Going beyond the theory, does anyone have an attorney who will pay rent out of escrowed funds? I work regularly with half-a-dozen real estate attorneys, and I've never gotten one of them to agree to do it.

For a charge - say $2000 for the duration of the lease - they may.

This is a doomed system, laws are created by retards 300 years in a row and getting dumber and dumber

So it seems like there are companies Insurent and Guarantor, who would do it for a fee of one month rent or less. Unfortunately, additional cost to the renter.

High cost rentals of say 10k probably will use renter’s attorney escrow.

Just use a service like Jetty (jetty.com). It's quick and easy and not necessarily more expensive than escrow accounts.