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He campaigned with laser-sharp focus on affordability, and now Zohran Mamdani, the 33-year-old democratic socialist many New Yorkers had never heard of a few months ago, has clinched a surprise victory in the Democratic mayoral primary.
Mr. Mamdani has called for freezing the rent on all rent-stabilized apartments; building 200,000 units of affordable housing; imposing a 2 percent income tax on millionaire New Yorkers; and doubling the minimum wage. The proposals have resonated with voters, but he will have a harder time convincing lawmakers and real estate professionals. On Monday night, the city’s Rent Guidelines Board approved a new series of increases for New York’s one million rent-stabilized units, a move supported by Mayor Eric Adams, Mr. Mamdani’s likely rival in the Nov. 4 general election.
While his populism and his popularity on TikTok have inspired progressives, many in the real estate industry have responded to Mr. Mamdani’s platform with alarm.
The Real Deal, a trade publication, called Mr. Mamdani’s victory a “crushing defeat” for the industry, saying that it “dooms struggling rent-stabilized buildings.” New York City developers were “gripped by hysteria,” The Wall Street Journal reported; celebrity broker Ryan Serhant told The New York Post that his phone was ringing off the hook with calls from clients looking to leave New York City and head to Florida.
We spoke with seven individuals across the industry to ask them how they felt Mr. Mamdani might change New York City real estate forever.
Interviews have been condensed for space and clarity.
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