At least three New York banks have come under scrutiny from financial regulators who want to know more about their commercial real estate loans.

The Securities and Exchange Commission has sent correspondence within the past year to Dime Community Bancshares, Delhi Bank Corp. and New York Community Bancorp, now known as Flagstar Financial, asking for further information about the financial institutions’ exposure to multifamily properties impacted by New York City’s 2019 rent stabilization laws, according to public records analyzed by Bisnow.

“Inflation [is] coming up, and net operating income is just dwindling and dwindling,” EisnerAmper Director Robert Martinek said. “My guess is that the SEC is aware of this and, with the bank failures, they're trying to get a hold on any bank with stuff on their balance sheet that's risky.”

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— Sasha Jones and Ciara Long

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