Zohran Mamdani’s sweeping victory in New York’s mayoral race has jolted the city’s real estate industry into crisis mode, Politico reported Sunday.
What was once one of the state’s most powerful political forces — landlords, developers, and property groups that routinely shaped City Hall and Albany policy — is now bracing for a direct confrontation with a newly empowered far-left mayor-elect.
According to Politico, Mamdani is preparing an unprecedented four-year rent freeze across nearly 1 million rent-stabilized apartments — housing roughly 2 million people, or a quarter of the city’s population.
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