Statement from Rhino CEO Paraag Sarva on the Passage of First-in-the-Nation "Renter Choice" Legislation by the Cincinnati City Council:
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Rhino CEO Paraag Sarva and Rhino Director of Public Policy Jordan Stein (Photo: Business Wire)
With more and more Americans struggling to keep up with skyrocketing housing costs, it is powerful to see Cincinnati, Ohio’s City Council pass first-in-the-nation "Renter Choice" legislation. More individuals and families are renting homes than ever before, and the weight of upfront move-in costs in the form of cash security deposits is a burden that can be lifted by embracing common-sense solutions. The Cincinnati Council, led by Council Member PG Sittenfeld and Mayor John Cranley, has shown bold leadership by spearheading a community-wide dialogue on this topic and acting to ensure that all renters in the city have the opportunity to utilize low-cost alternatives to cash security deposits.
Over $45 billion in cash security deposits is sitting idle across our country, and insurance products such as Rhino are well-positioned to replace cash deposits, return them to hardworking renters of all ages and economic statuses, and usher in a massive economic development windfall. I commend Council Member Sittenfeld, Mayor Cranley, and the rest of the Cincinnati Council, and look forward to this first-in-the-nation effort sparking a national "Renter Choice" movement. Rhino stands prouder than ever to work each day to create opportunities for renters to save money and get themselves into the homes they want to live in.