New York City commercial real estate industry seeks to work with Mamdani as rent freezes threaten [View all]

Source: Reuters

November 10, 2025 6:35 AM EST Updated 2 hours ago


Nov 10 (Reuters) - 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. The real estate industry has been concerned that freezing rent for rent-stabilized apartments would limit the ability of apartment owners to maintain and renovate buildings and dampen demand for various forms of investment in these properties.

"I think that the most effective way that the mayor-elect can be successful is by sitting down with the people who develop and manage affordable housing in the city and saying, 'What do you need to do more in the way of affordable housing?'" said David Dworkin, president and CEO of the National Housing Conference, a nonprofit that represents affordable housing stakeholders in New York and nationally. "And we have members who are very active in New York locally and thought leaders in New York housing, and we are happy to connect them," Dworkin added.

Last week's mayoral election victory by progressive Democrat Mamdani, 34, was driven by a surge of young voters, newcomers to the city, first-time voters and renters, according to NBC News exit polls. Many of them were galvanized by Mamdani's proposals to lower the cost of living in the most populous U.S. city and perhaps its most expensive.

While the New York City mayor does not have direct power over rent prices, Mamdani's office appoints members to the city's Rent Guidelines Board, which itself sets rent limits and would need to enact rent freezes, according to the board's website. The mayor also has sway over zoning for new housing developments and other buildings and sets the city's budget, according to the New York City government's website, opens new tab.

Read more: https://www.reuters.com/business/finance/new-york-city-commercial-real-estate-industry-seeks-work-with-mamdani-rent-2025-11-10/