Our cities are eliminating the cash security deposit as we know it. Here’s how.

Over the past decade, housing costs in the United States have risen by roughly a third as cities across the country, including in the D.C. area, have experienced a significant spike in renting costs. In our nation’s capital, a majority of residents rent their homes, and nearly 45 percent of renters pay between 31 and 50 percent of their income on rent. Lower-income communities are even more cash-strained, with more than 60 percent earning less than $20,000 per year and spending more than half of their income on rent. The problem has been exacerbated throughout the coronavirus pandemic because of record layoffs, furloughs and pay cuts.