We have a situation in our building.
Every year, like clockwork, the tenants in our large building would receive a little interest check from the bank where our security deposits are kept.
This year, none of the tenants have received it.
Our Tenant Association suspects that the LL has spent the our money on several major RS buyouts of Tenants.
What does the Law say about this? Is this something DHCR can help us with, and are there penalties to a LL who empties the security deposit account?
We are prepared to send a letter from the TA asking where the money is?
Any other suggestions?
Thanks.