New York Assembly Speaker Carl Heastie and State Senate Majority Leader Andrea Stewart Cousins announced last Tuesday an agreement on New York rent reforms, Keefe Bruyette analyst Collyn Gilbert wrote earlier in a research note to investors. The reforms agreed upon have no expiration date unlike prior rent laws and did not end up in the "worst case scenario" for New York multifamily lenders, says the analyst. She believes the new laws resulted in more of a compromise between tenant and building owners' rights. While the new rent rules bring a "very sharp and disappointing difference" to the operating environment from the past 15 years, the overhaul avoided the "worst case scenario" of abolishing major capital improvement rent increases, contends Gilbert. Further, the "risk of credit loss should be fairly contained for the long-tenured disciplined multi-family lenders," she added. Following the news, shares of Signature Bank (SBNY) are down 3% to $117.18, Dime Community (DCOM) shares are down 12c to $18.66 and New York Community Bancorp (NYCB) is down 3% to $10.06.