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68-618: A large majority of the loans originated by the bank are either multi-family or commercial loans, many in New York City, to buildings subject to laws regarding rent regulation in New York . However, it does not offer construction loans. NYCB was founded on April 14, 1859, in Flushing, Queens , as Queens County Savings Bank , and changed its name on December 15, 2000, to New York Community Bank to better reflect its market area beyond Queens. In 1993,

136-824: A 2012 poll of 41 economists by the Initiative on Global Markets (IGM) Economic Experts Panel, which queried opinions on the statement "Local ordinances that limit rent increases for some rental housing units, such as in New York and San Francisco, have had a positive impact over the past three decades on the amount and quality of broadly affordable rental housing in cities that have used them," 13 members said they strongly disagreed, 20 disagreed, 1 agreed, and 7 either did not answer, were undecided, or had no opinion. . A 2021 Columbia Business School study found that there are benefits to rent regulation, arguing that "the housing stability they provide disproportionately benefits low-income households. These insurance benefits trade off against

204-405: A 8% total profit on the market value of the property being considered a reasonable return. Landlords attempted to circumvent this cap on rent through 'paper exchanges' of buildings to artificially inflate property market values. However, in spite of this, the new law still meaningfully limited rents in relation to previous raises before. Certain apartments were decontrolled beginning in 1926, and

272-486: A bill banning the practice. In the 21st century, there has been a trend of removing rent-regulated or rent-controlled status from apartments in New York City, converting them into market rate units. Illegal deregulation sometimes occurs when landlords inflate the costs of renovations or improvements to justify raising the rent of a rent-regulated apartment to a level that exceeds the deregulation threshold. Under rent regulation laws, landlords are allowed to increase

340-415: A certain type, followed by a more specific section for individual fields of application of this type of contract. Specific regulations for rental contracts governing apartments range from §§ 549 - 577a BGB. The German law differentiates between the rental price at the starting point of the contract and rent increases throughout the duration of the contract. Generally, the rental price at the starting point of

408-467: A constitutional right to adequate housing, and require buildings to make dwelling spaces of a certain size and ceiling height. In 2020, Berlin implemented a rent freeze, which was unprecedented in the German housing market. It benefitted sitting renters, but it substantially reduced the supply of new housing, harming those looking for a dwelling. The rent freeze was repealed in 2021. Yearly rent increases in

476-439: A decrease in rental units. A number of neo-classical and Keynesian economists say that some forms of rent control regulations create shortages and exacerbate scarcity in the housing market by discouraging private investment in the rental market. In addition, there would be a dead weight loss and inefficiency since some of the loss due to price ceilings is never gained again. This analysis targeted nominal rent freezes, and

544-437: A housing vacancy survey. New York City rent stabilization qualifications changed over the years, purportedly to curb perceived abuses that allowed the wealthy to enjoy protection that was ostensibly intended for the working class. The apartment must be the tenant's primary residence to qualify for stabilization. Vacancy Decontrol and High-Income Deregulation were enacted in 1997 and abolished in 2019. Renovations are no longer

612-474: A lower rent. Outside of New York City, the state government determines the maximum rents and rate increases, and owners may periodically apply for increases. In New York City, rent control is based on the Maximum Base Rent system. A maximum allowable rent is established for each unit. Every two years, the landlord may increase the rent up to 7.5% (as of 2012) until the Maximum Base Rent is reached. However,

680-597: A majority that regulation of rents in the District of Columbia as a temporary emergency measure was constitutional, but shortly afterward in 1924 in Chastleton Corp v. Sinclair the same law was unanimously struck down by the Supreme Court. After the 1930s New Deal , the Supreme Court ceased to interfere with social and economic legislation, and many states adopted rules. In the 1986 case of Fisher v. City of Berkeley ,

748-461: A new method of rent control price calculation, based on the Maximum Base Rate, which adapted to the changing costs faced by landlords, allowing them to pass those costs on to renters. A 1971 law took away New York City's ability to regulate rents and gave the power to the state government. The Omnibus Housing Act of 1983 transferred the responsibilities for rent regulation in New York City from

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816-424: A path to deregulation, nor is any level of rent increase, as there is no high-rent threshold. Apartments that were legally deregulated prior to 2019 remain market rate. Tenants who live in buildings built between February 1, 1947, and January 1, 1974, or who move into a pre-1947 building or into certain post-1974 buildings that received tax breaks (such as the 80-20 housing program) qualify for rent stabilization if

884-413: A quarterly loss of $ 252 million one week prior. As a result of their acquisition of Flagstar bank in 2022 the company rebranded all of their branches to Flagstar on February 21, 2024. In February 2024, Alessandro DiNello, its executive chairman, was appointed president and CEO. His tenure was brief. In March 2024 Joseph Otting was appointed a new CEO after NYCB secured $ 1 billion equity injection from

952-649: A small number of tenants who are not covered by the Residential Tenancies Act 2010 (NSW) , but rather continuing provisions of the repealed Landlord and Tenant (Amendment) Act 1948 (NSW) . Such ‘protected tenants’ pay a regulated ‘fair rent’ set either through a Section 17A agreement registered with NSW Fair Trading, or a magistrate sitting as the Fair Rents Board (NSW). In Canada, there are rent regulation laws in each province. For example, in Ontario

1020-425: A statewide rent cap for the next 10 years which limits yearly rent increases to 5% plus regional inflation. In 2019 Oregon 's legislature passed a bill which made the state the first in the nation to adopt a state-wide rent control policy. This new law limits annual rent increases to inflation plus 7 percent, includes vacancy decontrol (market rate between tenancies), exempts new construction for 15 years, and keeps

1088-459: A statistically significant impact on quantity and quality of housing units. One historical example of widespread rent control occurred in the US during World War II . Roughly 80% of rental housing was put under rent control in 1941. The observed result was that landlords opted to sell their units at uncontrolled prices rather than renting at controlled prices, leading to an increase in home ownership and

1156-497: A way to make housing more affordable to renters without distorting the housing market as much as rent control, but expanding the existing subsidy programs would require sharp increases in government spending . Paul Krugman writes that rent control inhibits construction of new housing, creates bitter tenant–landlord relations, and in markets with not all apartments under rent control, causes an increase in rents for uncontrolled units. Thomas Sowell writes that rent control reduces

1224-765: Is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York state (and other jurisdictions). In addition to controlling rent, the system also prescribes rights and obligations for tenants and landlords . Each city in the state chooses whether to participate. As of 2007, 51 municipalities participated in the program, including Albany , Buffalo , and New York City , where over one million apartments are regulated. Other rent-controlled municipalities include Nassau, Westchester, Rensselaer, Schenectady, and Erie counties. In New York City, rent stabilization applies to all apartments except for certain classes of housing accommodations for so long as they uphold

1292-436: Is an accepted version of this page Rent regulation is a system of laws for the rental market of dwellings, with controversial effects on affordability of housing and tenancies . Generally, a system of rent regulation involves: The loose term "rent control" covers a spectrum of regulation which can vary from setting the absolute amount of rent that can be charged, with no allowed increases, to placing different limits on

1360-461: Is ill-targeted if viewed as a purely redistributional program," write the three authors of the study, "as a program to promote longer-term lower rent tenancies for the tenants who benefit from it, even in hot rental markets, it seems to succeed." In 1994, San Francisco voters passed a ballot initiative which expanded the city's existing rent control laws to include small multi-unit apartments with four or fewer units, built prior to 1980 (about 30% of

1428-568: Is updated every two years to reflect changes in these expenses. Owners must apply for the Maximum Base Rent system for the tenants. Rent stabilization is applicable to New York City, Nassau , Rockland , and Westchester counties. It generally applies to buildings of six or more units built before 1974 that are not subject to rent control. Owners of more recent buildings can agree to rent stabilization in exchange for tax benefits. Regulation and policies vary by municipality. Buildings such as housing owned by non-profit corporations are not included in

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1496-413: Is usually done by mandating gradual rent increases or rent freezes, while at the same time ensuring that landlords receive a return on their investment that is deemed fair by the controlling authority. There is consensus among economists that rent control reduces the quality and quantity of rental housing units. However, some economists challenge this consensus and argue that controls do not have

1564-627: The Residential Tenancies Act 2006 requires that prices for rented properties do not rise more than 2.5 percent each year, or a lower figure fixed by a government minister. China announced in August 2021 new nationwide rent regulations that cap maximum yearly rent increases to 5% in all urban areas, which comprise over 2/3 of the population and include most of the ~250 million renters in the country. Rent regulations are determined in France based on

1632-497: The District of Columbia have localities in which some form of residential rent control is in effect (for normal structures, excluding mobile homes ). 37 states either prohibit or preempt rent control, while 9 states allow their cities to enact rent control, but have no cities that have implemented it. For the localities with rent control, it often covers a large percentage of that city's stock of rental units: For example, in some of

1700-725: The Federal Deposit Insurance Corporation seized AmTrust , a bank headquartered in Cleveland, OH with 66 branches and $ 13 billion in assets in Ohio , Florida and Arizona . NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area for the first time. In 2017, the bank sold the mortgage business acquired from the purchase of AmTrust at a $ 90 million profit. In March 2010, Desert Hills Bank of Phoenix, Arizona, with $ 496 million in assets,

1768-753: The National Bank of Greece for $ 400 million in 2006, 11 branches in New York City from Doral Financial Corporation in March 2007, Penn Federal Savings Bank for $ 262 million in April 2007 (adding branches in East Central and North East New Jersey), and Synergy Bank of Cranford, New Jersey , for $ 168 million in stock in October 2007. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank. In December 2009,

1836-820: The New York State Legislature enacted the Rent Act of 2011. It did the following: In June 2015, the New York State Legislature enacted the Rent Act of 2015. Rent laws were extended four more years through 2019. The New York State Legislature enacted the Housing Stability and Tenant Protection Act of 2019 in June of that year. Because rent regulation limits the amount of rent a landlord can legally collect from tenants, many landlords warehouse their rent regulated units and avoid advertising vacancies. With

1904-567: The naming rights to Nassau Coliseum ; it was renamed "NYCB Live: Home of the Nassau Veterans Memorial Coliseum", due to agreements requiring that "Nassau Veterans Memorial Coliseum" remain in the arena's name. NYCB pulled out of its naming rights contract in late August 2020 due to uncertainty surrounding the property after a June 2020 closure and subsequent new leaseholder. In December 2020, President, CEO and Board member Joseph Ficalora announced his retirement. Thomas Cangemi,

1972-622: The Emergency Price Control Act expired in 1947, Congress passed the Federal Housing and Rent Act of 1947, which exempted construction after February 1, 1947, from rent controls, but continued that regulation for properties already completed by that date. New York's current rent control program began in 1943. It is the longest-running in the United States. The state of New York took over when federal regulation ended in 1950. Under

2040-624: The Netherlands are capped at a maximum of inflation + 1%, calculated as 3.3% in 2022. The Catalonia region of Spain passed a rent-regulation law in September 2020. Rent regulation covered the whole of the UK private sector rental market from 1915 to 1980. However, from the Housing Act 1980 , it became Conservative Party policy to deregulate and dismantle rent regulation. Regulation for all new tenancies

2108-610: The New York City Conciliation and Appeals Board (CAB) to the New York State Division of Housing and Community Renewal (DHCR) effective April 1984. The passage of the Rent Regulation Reform Act of 1997 restricted rent stabilization to apartments where the legal, or stabilized, rent was under $ 2,000 per month. The decontrol rent was set at $ 2,000. The decontrol income was $ 175,000. In June 2011,

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2176-644: The Rent Laws of 1920 expired completely in June 1929, although limited protections against evictions considered unjust were continued. In 1942, President Franklin D. Roosevelt signed the Emergency Price Control Act into law. The goal of the act was to prevent inflation in the booming, fully employed wartime economy by setting price controls nationwide. In November 1943, the Office of Price Administration froze New York rents at their March 1, 1943, levels. When

2244-560: The Rent Reference Index, which serves as the basis for what landlords can increase yearly rents by. In July 2022, France introduced a new cap on yearly rent increase of a maximum of 3.5% for one year. German rent regulation is found in the "Civil Code" (the Bürgerliches Gesetzbuch ) in § 535 to § 580a. As common in German law, regulations are structured into an abstract, more general part that applies to all contracts of

2312-631: The US Supreme court held that there was no incompatibility between rent control and the Sherman Act . Rent control existed in several Massachusetts communities from 1970 to 1994. During this time, at least 20% of all rent-controlled apartments in Cambridge housed the rich. The vast majority housed middle- and high-income earners. They included Frederik, Crown Prince of Denmark . As of 2018, 4 states ( California , New York , New Jersey , and Maryland ) and

2380-401: The aggregate and spatial distortions in housing and labor markets that accompany such policies." In David Sims's 2007 study of the deregulation of the housing market in Cambridge, Massachusetts, he found that "rent control had little effect on the construction of new housing but did encourage owners to shift units away from rental status and reduced rents substantially." In a 2013 analysis of

2448-471: The amount that rent can increase; these restrictions may continue between tenancies, or may be applied only within the duration of a tenancy. As of 2016, at least 14 of the 36 OECD countries have some form of rent control in effect, including four states in the United States. Rent regulation is implemented in many diverse forms. It is one of several classes of policies intended to improve housing affordability . Its efficacy and collateral impacts have been

2516-531: The body of economic research on rent control by Peter Tatian at the Urban Institute , he stated that "The conclusion seems to be that rent stabilization doesn't do a good job of protecting its intended beneficiaries—poor or vulnerable renters—because the targeting of the benefits is very haphazard.", and concluded that: "Given the current research, there seems to be little one can say in favor of rent control." Many economists suggest housing subsidies as

2584-434: The city's rental housing stock at the time). A 2019 study found that San Francisco's rent control laws reduced tenant displacement from rent controlled units in the short-term, but resulted in landlords removing 30% of the rent controlled units from the rental market (by conversion to condos or TICs ) which led to a 15% citywide decrease in total rental units, and a 7% increase in citywide rents. Rent control

2652-437: The company became a public company via an initial public offering . NYCB underwent multiple acquisitions in the 2000s, acquiring Haven Bancorp for $ 196 million in 2000, Richmond County Financial in an $ 802 million transaction in 2001, asset manager Peter B. Cannell & Co. in 2002, Roslyn Bancorp in a $ 1.6 billion transaction in 2003, Long Island Financial in a $ 70 million transaction in 2005, Atlantic Bank of New York from

2720-527: The company's Chief Financial Officer since 2005, became president and CEO. In December 2022, the bank acquired Flagstar Bank . On March 19, 2023, NYCB acquired $ 38.4 billion in assets from the liquidated Signature Bank in a $ 2.7 billion deal, with 40 Signature branches being converted to Flagstar locations. On February 6, 2024, the bond credit rating provider Moody's Investors Service downgraded NYCB's credit rating to junk status, attributed to its exposure in commercial real estate lending. NYCB had reported

2788-452: The contract is determined by the contractual agreement between the parties. Only in designated regions with a strained housing market, the rental price at the beginning of the rental agreement are capped by law. Increases in the rental prices throughout the duration of a rental contract are required to follow a "rent level" ( Mietspiegel ), which is a database of local reference rent prices. This collects all rent prices of new rental contracts of

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2856-526: The cost of rent in the ACT. Rents between tenancies are not regulated, and are allowed to rise to market rate upon vacancy (vacancy decontrol). Rent increases above the amount prescribed by regulation may be disputed by application to the ACT Civil and Administrative Tribunal (ACAT). Other Australian jurisdictions allow for rent increases every six to twelve months with variable notice periods. New South Wales has

2924-559: The current state ban on local rent control policies (state level preemption) intact. In November 2021, voters in Saint Paul, Minnesota passed a rent control ballot initiative which capped annual rent increases at 3 percent, included vacancy control, and did not exempt new construction, nor allow inflation to be added to the allowable rate increase. This was followed by an 80% reduction in requests for new multifamily housing permits, while in neighboring Minneapolis , where voters authorized

2992-410: The duration is explicitly halted. In practice, landlords have little incentive to change tenants as rental price increases beyond inflation are constrained. During the period of the tenancy, a person's tenancy may only be terminated for very good reasons. A system of rights for the rental property to be maintained by the landlord is designed to ensure quality of housing. Many states, such as Berlin , have

3060-484: The economic literature by Blair Jenkins through EconLit covering theoretical and empirical research on multiple aspects of the issue, including housing availability, maintenance and housing quality, rental rates, political and administrative costs, and redistribution, for both first generation and second generation rent control systems, found that "the economics profession has reached a rare consensus: Rent control creates many more problems than it solves". . In

3128-431: The first deregulation of rental units. In New York City, apartments in single and two-family homes became deregulated after April 1, 1953. Cities and towns outside New York City were given permission to deregulate when ready. The most expensive luxury apartments in New York City began to be deregulated starting in 1958. By 1961, only New York City and 18 of New York's 57 other counties had rent regulation. New York City and

3196-402: The first permanent state laws in 1951, New York took a similar regulatory approach to the federal government. At the time there were about 2,500,000 rental units statewide, 85% of them in New York City. The initial laws covered all rental units, and regulated all relationships between owners and tenants concerning rents, services, and evictions. Into the 1950s, a severe housing shortage prompted

3264-504: The investment firm run by former Treasury Secretary Steven Mnuchin , Hudson Bay Capital and Reverence Capital, at 2$ a share NYCB stock had previously plummeted in late February after the bank announced a $ 2.4 billion December quarter earnings hit. On March 11, 2024 NYCB announced the plans to submit one-for-three reverse stock split of its common stock to shareholders. Rent regulation in New York Rent regulation in New York

3332-472: The landlord can charge. Violations may cause a tenant's rent to be lowered. There are multiple ways a building owner can free their property from rent regulation: two popular methods are to claim substantial rehabilitation or the need for demolition. In 1920, New York adopted the Emergency Rent Laws, which effectively charged the courts of New York State with their administration. The rent laws were

3400-662: The largest markets: in New York City in 2011, 45% of rental units were either "rent-stabilized" or "rent-controlled", (these are different legal classifications in NYC) in the District of Columbia in 2014, just over 50% of rental units were rent-controlled, in San Francisco , as of 2014, about 75% of all rental units were rent-controlled, and in Los Angeles in 2014, 80% of multifamily units were rent controlled. In 2019 California passed

3468-470: The legal maximum rent. As of 2022, there are roughly 20,000 vacant rent stabilized apartments in New York City. Frankensteining was a legal loophole which allowed landlords to convert rent regulated units into market rate units. By combining a rent regulated unit with another unit (either combining a market rate unit with a rent regulated unit or merging multiple rent regulated units), landlords could collect market rate rent. In 2023, New York lawmakers passed

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3536-723: The other above terms are met. As part of city managed programs, some buildings become temporarily rent stabilized in return for a temporary reduction in real estate taxes when those buildings have been converted to residential use from commercial or industrial. Two of those programs, J-51 for renovating buildings and 421-a for new construction, grant temporary rent stabilization to tenants of apartments in those buildings, thus overriding other qualifications. Rent stabilization sets maximum rates for annual rent increases and, as with rent control, entitles tenants to receive required services from their landlords along with lease renewals. The rent guidelines board meets every year to determine how much

3604-402: The passing of the New York's Housing Stability and Tenant Protection Act of 2019, landlords are no longer able to legally increase rent upon vacancy in rent stabilized units; previously, landlords were legally allowed to raise rents up to 20% between tenants to recoup construction cost. Many landlords do not fill their vacant rent stabilized units, as the operational and renovation costs may exceed

3672-459: The past four years, and landlords may only increase prices on their property in line with rents in the same locality. Usury Rents are prohibited altogether, so that any price rises above 20 per cent over three years are unlawful. Tenants may be evicted against their will through a court procedure for a good reason, and in the normal case only with a minimum of three months' notice. Tenants receive unlimited duration of their rental agreement unless

3740-582: The program. Upon leaving programs such as the Mitchell-Lama Housing Program or Section 8 , housing may enter rent stabilization if built before 1974. Apartments that are converted into co-ops and condos and vacated after July 7, 1993, may not be subject to rent stabilization. For rents to be placed under regulation, the municipality must declare a housing emergency and the rental vacancy rate must be less than 5% for all or any class or classes of rental housing accommodations, as demonstrated by

3808-468: The rent of a rent-regulated apartment if they make significant improvements or renovations to the unit (1/40th of renovation costs can be added to the rent price). The cost of these improvements can be passed on to tenants in the form of higher rent. When the rent exceeds a certain threshold, the apartment can be deregulated, meaning it no longer falls under rent control or rent stabilization laws and can be rented at market rates. Rent control This

3876-470: The result of a series of widespread rent strikes in New York City from 1918 to 1920 that had been sparked by a World War 1 housing shortage, and the subsequent land speculation and raising of rents which had followed it. The laws stated that when challenged by tenants, rent increases were reviewed by a standard of "reasonableness". The definition of reasonableness was subject to judicial interpretation. After some court decisions, judges primarily settled on

3944-584: The state and territory governments. Rent control and freezes were features of the First and Second World War, the Great Depression , and the early stages of the COVID-19 pandemic . The Australian Capital Territory (ACT) is currently the only jurisdiction with regulation specifying maximum rent increases. Rents can only be increased for sitting tenants once a year by a maximum of 110% of the consumer price index for

4012-721: The state government began dual administration of rent regulation in 1962, and 75,000 expensive apartments were gradually deregulated by 1968. In 1969, construction and vacancy rates slumped, causing non-regulated rents to rise nationally. This rapid increase in rents caused New York to pass the Rent Stabilization Law of 1969, which introduced rent stabilization to units built after the 1947 cutoff for buildings to be eligible for rent control, covering approximately 325,000 units in New York City. The Emergency Tenant Protection Act of 1974 (ETPA) expanded rent stabilization to other parts of New York State. The Local Law 30 of 1970 introduced

4080-406: The status that gives them the exemption. To qualify for rent control, a tenant must have been continuously living in an apartment since July 1, 1971, or be a qualifying family member who succeeded to such tenancy. When vacant, a rent-controlled unit becomes "rent stabilized", except in buildings with fewer than six units, where it is usually decontrolled. In units within single and two-family homes,

4148-532: The studies conducted were mainly focused on rental prices in Manhattan, or elsewhere in the United States. In a 1992 stratified , random survey of 464 US economists, economics graduate students , and members of the American Economic Association , 93% "generally agreed" or "agreed with provisos " that "A ceiling on rents reduces the quantity and quality of housing available." A 2009 review of

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4216-500: The subject of disagreement and controversy. There is consensus among economists that rent control reduces the quality and quantity of housing units. The loose term "rent control" can apply to several types of price control : Rent price controls remain the most controversial element of a system of rent regulation. Modern rent controls (sometimes called rent leveling or rent stabilization) are intended to protect tenants in residential properties from excessive rent increases. This

4284-425: The supply of housing, and has stated that rent control increases urban blight . The Swedish economist Assar Lindbeck , a housing expert, said that "rent control appears to be the most efficient technique presently known to destroy a city – except for bombing". A study by NYU's Furman Center takes a more positive view on rent regulation, especially as a tool to slow gentrification: "Although rent regulation

4352-458: The tenant may challenge these increases on grounds that the building has violations or that the higher amount exceeds that needed to cover expenses. Maximum Base Rent (MBR) is calculated to ensure the rent from rent control units covers the cost of building maintenance and improvements. The formula reflects real estate taxes, water and sewer charges, operating and maintenance expenses, return on capital and vacancy and collection loss allowance. The MBR

4420-410: The tenant must have resided in the unit continuously since March 31, 1952, to qualify for rent control. Once the unit becomes vacant, it is decontrolled. Rent control does not generally apply to units built after 1947. Rent control limits the price a landlord can charge a tenant for rent and also regulates the services the landlord must provide. Failure to provide these may allow the tenant to receive

4488-565: Was abolished by the Housing Act 1988 , leaving the basic regulatory framework was " freedom of contract " by the landlord to set any price. Rent regulations survive among a small number of council houses , and often the rates set by local authorities mirror escalating prices in the non-regulated private market. Rent regulation in the United States is an issue for each state. In 1921, the US Supreme Court case of Block v. Hirsh held by

4556-501: Was seized by the FDIC and acquired by NYCB. In June 2012, NYCB acquired the assets of Aurora Bank from Lehman Brothers . On October 29, 2015, the bank announced an agreement to merge with Astoria Bank , but the proposed merger was terminated in December 2016 after failing to win regulatory approval. On November 4, 2016, Brooklyn Sports & Entertainment announced that the bank had acquired

4624-612: Was used in Rome as early as 1470 to protect Jewish residents from price gouging . Since Jews in the Papal States were forbidden to own property, they were dependent on Christian landlords, who charged them high rents. In 1562, Pope Pius IV granted Jews the right to own property worth up to 1,500 Roman scudi and enacted rent stabilization. In 1586, Pope Sixtus V issued a bull ordering landlords to rent out houses to Jewish tenants at reasonable rates. Rental regulations are administered by

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