US EditionNew York City commercial real estate industry seeks to work with Mamdani as rent freezes threaten
Industry warns rent freeze on over 2 million rent-stabilized units could worsen financial strain on affordable housing, with over 200,000 units 'functionally bankrupt,' experts say.
- Last week, Zohran Mamdani won the mayoral race, driven by young voters and renters, and pledged to freeze rents for more than two million rent-stabilized tenants as the New York real estate industry seeks engagement.
- The mayor does not directly set rents but appoints the Rent Guidelines Board and controls zoning and the city budget, while rent freezes were promoted by Bill de Blasio and reversed by Eric Adams.
- Industry leaders warn that a rent freeze would limit owners' ability to maintain buildings and dampen investment, citing over 200,000 affordable housing units as functionally bankrupt and a nine per cent income drop since 2020.
- James Whelan of REBNY said his group is prepared to engage, while Paul Rahimian of Parkview Financial invited talks and Kathryn Wylde noted Mamdani’s pro-development signals.
- The Rent Guidelines Board faces institutional constraints as observers see low odds it would approve a freeze even if Mamdani replaces part of the nine-member Board; the Board did not immediately return requests for comment.
13 Articles
13 Articles
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Over the past decade, New York City’s housing market has undergone a wave of intervention unmatched in its modern history. Between 2015 and 2024, policymakers enacted or expanded at least six major measures intended to protect tenants and restrain rent growth, ranging from city-level rent freezes to eviction moratoria. Each initiative was politically popular and framed as a temporary response to economic pressure. Yet taken together, these measu…
The rental prices in New York are rising and rising. Mamdani promises to slow down the trend, introduce more price controls, but he cannot implement his plans alone.
New York City commercial real estate industry seeks to work with Mamdani as rent freezes threaten
Members of the New York real estate industry have been bracing for the ripple effects of Zohran Mamdani's affordability and housing policies and are now seeking to engage with the New York City mayor-elect as he attempts to freeze rent and spur development in the city.
New York City Enters a Death Spiral As 765,000 Citizens Prepare to Flee - Charisma Magazine Online
What will the loss of hundreds of thousands of law-abiding citizens mean for New York City? It doesn’t take a rocket scientist to answer that question. When large numbers of law-abiding citizens leave any area, conditions get worse. And when conditions get worse, that motivates even more law-abiding citizens to leave. Meanwhile, the election of Zohran Mamdani will make the Big Apple a magnet for criminals, gang members, radical Islamists, econom…
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