Great article Roman! What the experience with Signature Bank also highlights, I believe, is an additional dimension of risk that Good Cause Eviction would create for not only lenders but the banking industry in New York, probably the whole country and perhaps beyond. Under GCE, what are now free market buildings would become rent controlled, and loans secured by them would thereafter be characterized as "toxic waste" like the Signature mortgage loans were. This would imperil the balance sheets of lenders here and around the country and create an additional risk to our banking system. Good Cause Eviction must be stopped and a stake driven through its heart so it never reappears in any form whatsoever.
Great article Roman! What the experience with Signature Bank also highlights, I believe, is an additional dimension of risk that Good Cause Eviction would create for not only lenders but the banking industry in New York, probably the whole country and perhaps beyond. Under GCE, what are now free market buildings would become rent controlled, and loans secured by them would thereafter be characterized as "toxic waste" like the Signature mortgage loans were. This would imperil the balance sheets of lenders here and around the country and create an additional risk to our banking system. Good Cause Eviction must be stopped and a stake driven through its heart so it never reappears in any form whatsoever.