Tenants Protest Signature Bank Financing Predatory Landlords

Tenants Protest Signature Bank
Financing Predatory Landlords

May 2018

Lower East Side tenants and supporters protested outside Signature Bank’s annual shareholders meeting in midtown Manhattan April 25, demanding that the bank stop making loans to predatory landlords. The bank, according to the Cooper Square Committee, has financed owners such as Icon and Jared Kushner who’ve used tactics like “construction as harassment” and aggressively offering buyouts to drive out rent-regulated tenants. “When banks make loans that are too large for the current rents to support, landlords have even more reason to find all possible ways to raise rents—legal, semi-legal, or illegal—all unscrupulous,” Jaime Weisberg, senior campaign analyst at the Association for Neighborhood and Housing Development, said in a statement put out by organizers. “Banks may not be the only problem in these situations, but they are definitely part of the problem.”