Lauren Simonetti Fox Business reports on the candidate of the NYC Democratic Mayor, Zohran Mamdani, a $ 100 billion housing program and a strong reaction from developers.
New York City Candidate Zohran Mamdani Developers and real estate landlords shake real estate due to his extensive proposal to confront the city Housing crisisThe House of Representatives wants to create 200,000 new public homes and immediately freeze the price for 4.2 million tenants in the city.
“You do not create housing by attacking people who make it,” said Jared Epashtin, the President of the Aurora Capital. “I am a developer. And by attacking me, my company, our peers are not effective.”
Mamdani runs a campaign focused on building one country The most expensive places of life More accessible to average residents. His proposals call for perennial rental frosts and extensive investment in public housing. Critics argue that his suggestions can worsen the problems in the rental market, including Epestein.
“The ice is a housing, simple and simple,” he said.
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The New York Candidate of the Mayor of New York, Zohar Mamdani (D-NY), talks to fans during a night of election in Craft Lic on June 24, 2025 in the Long Island City neighborhood in Queens, New York. (Getty Images / Michael M. Santiago / Getty Images)
Many landlords say thousands of people say The fixed rental units Because of the costly repairs that they are unable to pay, they are sitting empty without being able to raise the rent. Rental ice only makes this situation worse.
The Mamdani Campaign website acknowledges that the $ 100 billion sloping price tag will cost the city over 10 years. To pay for projects, he has offered faster taxes for the New York rich, which provides more than one million dollars and more tax rates.
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Despite the strong reaction of the real estate industry, Mamdani is finding serious support among progressive and young voters who are disappointed with. Increased costsMankind. According to Realtor.com, average rent in New York City It has risen to $ 3,397 since 2024, up nearly $ 200.
Tenant fans say the landlord can attract tax increases and rent control.
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“The landlord's profits only increased by 12 percent last year, while one of the four New Yorks is trying to provide the basics,” said CEA Weaver, director of the New York State Tenant.
“The average tax increase does not make the New Yorker out of the city.”