Security deposits are 0% interest loans that lower-income folks must give to property owners if they don't want to die of exposure.
Considering that there are over 40 million rental units in the US, this means that many billions no-interest regressive loans like these are currently outstanding.
(the average homeowner has 10x more assets than the average renter, according to Federal Reserve data from 2022:
federalreserve.gov/econres/scf…)
Bradley M. Kuhn
in reply to Aaron • • •there are a number of USA states that mandate interest payments on security deposit.
When I lived in NYC, they actually had to make an annual interest payment if you had a multi year lease.
That said, I do agree with you the entire system is horrid.
Cf: floss.social/@bkuhn/1147417769…
Bradley M. Kuhn (@bkuhn@floss.social)
FLOSS.social