NY Community Bancorp's Problems in the Rent-Stabilized Market
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 8 February 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
The last week saw a major plunge in shares of New York Community Bancorp after the company revealed challenges in its lending to multi-family residential developers. So what went wrong at this bank? And what does it say about this particular market? On this episode we speak with Quantierra CEO Ben Carlos Thypin, a New York City landlord and investor, about the bank's large role within NYC's rent-stabilized housing market. Over the last year, Ben has advised funds to short NYCB based on its exposure to this complex corner of real estate. He explains how NYCB's position, combined with market and regulatory changes to the city's housing market, contributed to the strains.
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Transcript
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| 0:00.0 | At Public.com, you can earn 5.1% APY with a high-yield cash account. |
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| 0:20.1 | You get the story behind the story. |
| 0:22.4 | How your Evie's battery may not be as green as it seems. |
| 0:25.8 | Why a decrease in global birth rates could send countries scrambling to increase immigration. |
| 0:31.0 | You get context. And context changes how you see things, how you change things, because |
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| 0:46.0 | Hello, Odd Loss listeners. You were about to hear a conversation about the Troubles at New York Community |
| 0:50.0 | Bank Corp. |
| 0:51.0 | We recorded this interview on February 6th and a statement to the market |
| 0:54.3 | NYCB said that his deposits have increased since the end of last year and that |
| 0:58.6 | liquidity remains ample. A spokesperson for the company did not respond to a separate request for comment from |
| 1:04.4 | Ove Lodge. And now here is our episode on New York Community Bank Corp. Hello and I'm Tracey Allaway. |
| 1:15.0 | Hello and welcome to another episode of the Odd Lots Podcast. |
| 1:22.0 | I'm Joe Weysthol and I'm Tracy |
| 1:24.3 | Alaway. Tracy banking troubles again obviously we had that little I don't know |
| 1:28.9 | mini mini crisis. Kefufuffle last March with S. V. B and a couple other banks and then recently I think just last week we're recording this Tuesday, February 6th another one. |
| 1:41.5 | That's right so we saw New York Community |
| 1:44.8 | Bankor NYC B their shares fell something like almost 40% in a single day after they released a bunch of announcements. |
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