In a Monday press conference, U.S. Rep. Ritchie Torres warned New Yorkers of the potential negative housing implications they could face in the wake of Signature Bank’s failure last month — cautioning that 479 Bronx properties and 19,750 units could be affected.
Signature Bank is one of the latest in a string of big bank collapses across the country that has caused ripple effects in the economy. The New York City bank that championed cryptocurrency lending closed its doors on March 12 after California-based institutions Silicon Valley Bank and Silvergate Bank — also big digital and crypto dealers — fell earlier last month due to instability with crypto deposits, customer withdrawals and plummeting stock prices.
