NYC banks fall as Mamdani set to win Democratic mayoral primary
Shares of some New York-based banks fall as Zohran Mamdani on verge of winning New York City's Democratic mayoral primary
Flagstar Financial FLG.N, formerly New York Community Bancorp, down 5.8%
Dime Community Bancshares DCOM.O and Flushing Financial FFIC.O down 3.4% and 2.4%, respectively
Mamdani has vowed to freeze rents on rent-stabilized apartments in NYC if elected mayor
Such a move could make it difficult for some building owners to service their debt leading to more multi-family loan delinquencies, analysts say
Citi Research says concerns of a sweeping "freeze the rent" campaign promise potentially pulls forward incremental credit concerns
Says FLG shares are likely to see incremental downside pressure over the near-term
Brokerage Stephens says banks with highest exposure to rent-regulated multi-families on its list include FLG and DCOM
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