In a significant development for renters in California, Governor Gavin Newsom has signed Assembly Bill 12, legislation that puts a cap on security deposits at one month's rent. Assembly member Matt Haney, who authored the bill, emphasizes that massive security deposits have created substantial barriers to housing affordability and accessibility for millions of Californians. The new law, effective from July 1, 2024, now joins the ranks of 11 other states that have already implemented similar legislation to limit security deposits to one month's rent. Small landlords owning no more than two properties with a maximum of four units are exempt from AB12.
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