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This sounds simple but in reality creates a huge regulatory burden so that people can have an extra 10 cents a year. In chicago we passed a law that says landlo
by HDThoreaun 10mo ago
This sounds simple but in reality creates a huge regulatory burden so that people can have an extra 10 cents a year. In chicago we passed a law that says landlords have to pay interest on security deposits. Guess what happened? Every single landlord moved to move in fees instead. Now instead of getting your deposit back renters just have to pay thousands of dollars to move. This law without a doubt made life worse for basically every renter in the city
- kklisura 10mo ago> This law without a doubt made life worse for basically every renter in the city Let me fix this for you: LANDLORDS made life worse for basically every renter in the city
- tptacek 10mo agoEverybody responds to incentives, so, no, this is an instance where lawmakers also share responsibility for outcomes.
- tptacek 10mo agoI don't know, I can tell a story about how fixed move-in fees are better than security deposits, even though you always pay the fee and sometimes get the deposit back. The fixed fee is part of the price of the apartment, and has to react to market conditions. The security deposit is basically a lie told to renters.