NYCB COO Signorille-Browne Resigns From Lender
New York Community Bancorp said Julie-Ann Signorille-Browne has resigned from her post as chief operating officer — a role she was promoted to in September last year.
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New York Community Bancorp said Julie-Ann Signorille-Browne has resigned from her post as chief operating officer — a role she was promoted to in September last year.
Country Garden Holdings Co. is set to begin a major legal battle on Friday, squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer.
China’s government plans to hold a meeting with key officials on Friday morning to discuss the property market, including a proposal to clear excess housing inventory, according to people with knowledge of the matter.
The US Supreme Court upheld the Consumer Financial Protection Bureau’s funding system, lifting a legal threat that could have derailed an agency set up after the 2008 financial crisis to regulate mortgages and other consumer-finance products.
A string of reports this week illustrated a slow start for the US economy in the second quarter, adding to evidence that demand is cooling which will help set the stage for the Federal Reserve to cut interest rates.
Apr 9, 2024
BNN Bloomberg
,A top rental developer in Toronto says a proposed renters’ bill of rights will do little to address the most pressing issue driving rental prices higher: supply.
Late last month, Prime Minister Justin Trudeau announced several measures would be introduced during next week’s budget to support the rights of renters. Among them, Trudeau plans more power for renters in disputes against landlords, allowing rent payments to count toward a renter’s credit history and a $15-million Tenant Protection Fund.
Adrian Rocca, CEO of Fitzrovia, said developers need “meaningful movement” in next week’s budget if renters are to get any support in the end.
“We need to find ways to incentivize developers, the development community, to build more purpose-built rental units within the market and do it as quickly as possible,” he told BNNBloomberg.ca in a phone interview on Tuesday.
“We have been engaging with all three levels of government. So far the conversations have been generally positive, but we have yet to see any meaningful movement or announcements from the feds or the province around new supply.”
Rocca said his company has 23 rental projects under construction across Toronto, but has another eight fully permitted and ready to go that he can’t get off the ground because construction isn’t feasible in the current rate environment.
“We're all sitting on our hands right now because it does not make sense to (build),” he said.
While economists unanimously expect an interest rate hold during the Bank of Canada’s rate announcement on Wednesday, most economists expect cuts to begin at the central bank’s June policy rate announcement.
Still, Rocca says any small rate cuts will not help, as developers likely need rates down 100 basis points before construction becomes feasible.
“If you're doing it around the edges, it's not going be that helpful,” he said. “It needs to be significant.”
The Liberals have made a point to boost the rental supply in Canada. In September, the federal government announced it was removing the GST on new purpose-built rental housing, a move that the Ontario government soon followed.
Rocca said the tax announcements are “very helpful,” but with interest rates at their current state, the program is “neutered.”
“Right now, we're actually behind the eight ball from when that announcement happened and we really need some additional help,” he said.
“We don't have time to wait another year, year and a half, for interest rates to settle down. We’ve got to get moving now.”
Rocca is calling for the government to cut the GST on projects currently under construction and to offer a 20-year property tax abatement.
With files from Bloomberg News