FOX Enterprise’ Lauren Simonetti stories on Democratic NYC mayoral candidate Zohran Mamdani’s $100 billion housing plan and the rising backlash from builders.
New York Metropolis mayoral candidate Zohran Mamdani is rattling actual property builders and landlords over his sweeping proposal to sort out town’s housing disaster. The Queens assemblyman desires to construct 200,000 new publicly-subsidized inexpensive houses and instantly freeze rents for town’s 2.4 million stabilized tenants.
“You do not construct housing by attacking the individuals who construct it,” Jared Epstein, president of Aurora Capital Associates, informed FOX Enterprise. “I am a developer. And by attacking me, my firm, our friends, it is not efficient.”
Mamdani ran a marketing campaign centered on making one of many nation’s most costly locations to reside extra attainable for common residents. His proposals name for multi-year lease freezes and big funding in public housing. Critics argue his proposals may worsen present issues within the rental market, together with Epstein.
“A lease freeze is a housing freeze, plain and easy,” he argued.
New York mayoral candidate, State Rep. Zohran Mamdani (D-NY) speaks to supporters throughout an election evening gathering at The Greats of Craft LIC on June 24, 2025 within the Lengthy Island Metropolis neighborhood of the Queens borough in New York Metropolis. (Getty Pictures/Michael M. Santiago / Getty Pictures)
Many landlords say 1000’s of rent-stabilized items are already sitting vacant as a result of pricey repairs they will’t afford with out with the ability to increase the lease. A lease freeze would solely make that state of affairs worse.
Mamdani’s marketing campaign web site acknowledges the steep $100 billion price ticket his plans would value town over 10 years. To pay for the initiatives, he’s proposed steeper taxes on rich New Yorkers making over 1,000,000 {dollars}, and a better company tax charge.
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Regardless of the backlash from the actual property business, Mamdani is discovering robust help amongst progressive and youthful voters annoyed by rising prices. In response to Realtor.com, the median lease in New York Metropolis has reached $3,397, a virtually $200 enhance since 2024.
Tenant advocates say landlords can take up the tax hikes and lease controls.
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“Landlord’s income are up 12% in simply the final 12 months alone, whereas one in 4 New Yorkers are struggling to afford the fundamentals,” mentioned Cea Weaver, director of the New York State Tenant Bloc.
“A modest enhance in taxes shouldn’t be going to drive New Yorker’s firms out of town.”