Mamdani Scares NYC Real Estate Industry

Mamdani Scares NYC Real Estate Industry

Mamdani Scares NYC Real Estate Industry

The possibility of democratic socialist Zohran Mamdani becoming mayor is striking fear in New York City’s real estate industry.

Mamdani, the 33-year-old Democrat nominee for November’s election, has promised to tax the wealthy to pay for free buses and free childcare, create city-owned grocery stores, freeze the rent for all stabilized tenants, and triple the number of permanently affordable, union-built, rent-stabilized homes.

While energizing the city’s progressives, Mamdani frightens people in the city’s real estate industry, The New York Times reported.

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