Rent Reform Hurts Those Without Privilege
At the end of this spring, many college students across the country will take their diplomas and flock to New York City- but only those with rich parents will actually get their shot at Big Apple success. One way young people without credit scores or a set income could score a living space in the city was to pay several months of rent upfront, like a larger security deposit. However, a law passed in 2019 made it illegal for landlords to ask for or accept rent money more than a month ahead of time. This was meant to make it easier for tenants who didn’t have the funds to cover the entire lease but would eventually receive it from their job over time.
The other way college students can emigrate to the city is through what’s called a guarantor: a third party, usually a relative, who can act as a co-signer for an apartment lease. Only it can’t just be any relative — their salary needs to be 80 times the monthly rent to qualify. Unfortunately for recent grads like me looking to move into the city but don’t have a wealthy relative, this new policy presents an unfair obstacle. A Bushwick landlord rejected me because I didn’t have a guarantor; the bank account funds from my current part-time job didn’t matter at all.
In 2019, a Georgetown study found that 70 percent of full-time college students in America also hold a job alongside their education. The idea for some of them was to save up to cover the living expenses of their post-college destination. Under NYC’s reforms, however, it won’t make a difference in housing opportunities for college students who’ve spent the last four years powering through jobs alongside their schoolwork. All that matters now is if they come from a privileged enough background to have a family guarantor, or have a job already lined up straight out of graduation- the latter of which has become even more excruciatingly difficult due to the pandemic.