The change may mean that “landlords only require either a credit check, paid for by the landlord or their broker, or salary disclosure meeting the 40x rent requirement, but not both.”
Socialist New York City Mayor Zohran Mamdani's "rental ripoff" report has made 23 recommendations to make the housing marketplace "fairer" for tenants. Included in the list is that landlords should not require both proof of income and credit checks.
The report from Mamdani's office states lower-income tenants "experience barriers to renting due to the use of credit checks" when they are looking for somewhere to live. Credit checks allow for landlords to see if you can reliably pay your bills on time.
The report then stated, "Owners also frequently require that prospective tenants provide proof of income that is 40 times the rent amount. This can be an insurmountable barrier for rent burdened tenants – defined as those paying at least 30% of their income toward rent – and especially those exiting shelter or receiving rental assistance."
The report added that the Mamdani administration will now look to "propose legislation that reconsiders the use of credit checks as part of the rental application process in New York." The changes could include that "landlords only require either a credit check, paid for by the landlord or their broker, or salary disclosure meeting the 40x rent requirement, but not both."
In addition to the recommendation about credit and income checks, the Mamdani administration has also called for the legal recognition of tenant unions and other policies. This comes after Mamdani put into motion a rent freeze for nearly 1 million rent-stabilized apartments in the Big Apple, a move that critics have said will just increase the price of rent for other housing units.
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