Mike Stoler and Frank Korzekwinski discussing the shifting landscape of the New York real estate market amidst significant corporate and legislative changes. The conversation highlights the merger between Flushing Bank and Ocean First Bank, a move backed by private equity that aims to create a robust, $23 billion financial institution capable of handling larger transactions. Central to their discussion is the impact of the Rent Emergency Stabilization Act (REST) and existing rent laws, which the speakers argue stifle property maintenance and discourage traditional lending for small residential buildings. To address the resulting housing supply crisis, they suggest that providing investment incentives for owners to renovate vacant units would be more efficient than lengthy new construction projects.
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