Part A. How it affects the leasing process of rent-stabilized and unregulated units:
Credit and Background Checks
Landlords may only charge a maximum of $20 or the actual cost of the check, whichever is less, for performing a credit and background checks on prospective tenants. Additionally, the landlord must provide the prospective tenant with a copy of the report and a receipt from the credit reporting agency. Alternatively, tenants may provide the landlord with a copy of their credit or background check, conducted within the past 30 days; in this case, the landlord would not be able to charge a fee.
Blacklists were a way for Landlords to identify if a prospective tenant was ever involved in an eviction proceeding or other landlord-tenant action. Information obtained from a blacklist is no longer a valid reason for rejecting a prospective tenant.
Security deposits are now limited to a maximum of one-month’s rent.
After signing the lease but before occupancy begins, the tenant must be offered an opportunity to inspect the unit with the landlord. They must each note the condition of the unit on a signed agreement. This agreement can later be used as evidence if the landlord decides not to return the security deposit due to damage in the unit.