For months, real estate executives have invested significant resources to prevent Zohran Mamdani from becoming New York City’s next mayor. According to an analysis by The Real Deal, industry figures donated at least $13 million to political action committees that supported former Governor Andrew Cuomo or opposed Mamdani.
Despite these efforts, some in the real estate sector have expressed willingness to work with Mamdani and acknowledged agreement with certain aspects of his housing proposals. The election on Tuesday will determine who replaces Mayor Eric Adams, marking a pivotal moment for the city’s real estate landscape as it faces the possibility of a Democratic Socialist leading City Hall.
The relationship between real estate groups and the Democratic Socialists of New York has been contentious over the past six years. If Mamdani is elected, this dynamic could be tested further. After securing victory in the June primary, Mamdani met with business leaders and sought areas of consensus. He told The New Yorker that he is “not running to punish landlords.”
Mamdani is currently considered the frontrunner in the race, although recent polls indicate his lead over Cuomo has narrowed. Most surveys this month show him ahead by more than 10 points. Republican Curtis Sliwa remains in third place and has not withdrawn from the race despite calls to do so.
Housing policy has been central in this campaign. Mamdani pledged to freeze rents for approximately one million stabilized apartments in New York City—a proposal that may face challenges if Mayor Adams appoints new members to the Rent Guidelines Board before leaving office.
Landlord organizations argue that a rent freeze would eliminate one of their few options for increasing revenue on stabilized units and could result in deteriorating housing conditions. In response, Mamdani stated his commitment to reforming property taxes and exploring other relief measures for landlords, such as alternative insurance options. During a recent debate, he also proposed extending the J-51 property tax break to assist owners with renovations.
Mamdani’s plan includes constructing 200,000 new housing units over ten years using $70 billion in debt financing. To manage debt service costs, he proposes raising corporate taxes and adding a 2 percent income tax on individuals earning more than $1 million annually—measures requiring state approval. He also aims to streamline private sector participation in building new homes.
Cuomo’s platform calls for building or preserving 500,000 homes over ten years using city pension funds among other sources. His approach involves starting construction simultaneously at numerous sites but lacks detailed implementation plans. Cuomo also wants reforms at the Department of Housing Preservation and Development due to project backlogs.
Sliwa advocates converting vacant office spaces into residential units and filling empty stabilized apartments instead of incentivizing new construction. He opposes zoning changes under Adams’ City of Yes for Housing Opportunity initiative as well as related ballot measures.
Voters will also decide on several ballot questions regarding changes to how land use reviews are conducted for specific housing projects. Some proposals would reduce City Council oversight or allow an appeals board greater authority over development rejections; council leadership opposes three such measures while Cuomo supports them and Sliwa does not. Mamdani has not taken a public position on these issues.
Another less controversial proposal concerns elections: shifting citywide races—including those for mayor—to even-numbered years aligned with presidential contests in hopes of boosting voter turnout.
