Lauren Simonetti reports from Fox Business on the plan of the Democratic City mayor Zahran Mamdani, with a value of $ 100 billion, a increasing violent reaction from developers.
New York City mayor candidate Zahran Mamdani Does real estate developers and real estate owners shake his full proposal to treat the city? Housing crisis. Queens Association member wants to build 200,000 new homes at reasonable prices for the public and freeze the rents immediately for the 2.4 million stable tenants in the city.
“You do not build housing by attacking the people who build it,” Jared Epstein, President of Aurora Capital Associated, told Fox Business. “I am developed. Through my attack, my company, our peers, this is ineffective.”
Mamdani managed a campaign focusing on making one of the country The most expensive places to live More can be investigated for ordinary residents. His proposals call for free -year rental freezing and massive investment in public housing. Critics argue that his proposals may exacerbate the problems in the rental market, including Epstein.
“The freezing of rent is a residential freezing, easy and simple,” he said.
The New York mayor’s candidate, MP Zahran Mamdani (D-Ny) speaks to supporters during the election night in a group of Craft Lic greats on June 24, 2025 in the Long Island City Borough neighborhood in New York City. (Getty Images / Michael M. Santiago / Getty Images)
Many Angels say thousands of The units stable lease They are already sitting vacant due to the costly repairs they cannot tolerate without being able to raise the rent. Freezing rent will make this situation worse.
Mamdani campaign at $ 100 billion admits that its plans will cost the city for 10 years. To pay the price of projects, more intense taxes have suggested to the wealthy New York residents who receive more than a million dollars, and the highest company tax.
Despite the reverse reaction from the real estate industry, Mamdani finds strong support between progressive and younger voters. High costs. According to the RealTor.com website, the average rent in New York City It reached $ 3,397, or nearly $ 200 since 2024.
Recipturers say the owners can accommodate tax increases and rental controls.
William Kelly, Olivia Ringold and Jianu Caldwell are discussing “risks” and “uncertainty” surrounding the nominee of the mayor of New York City Zahran Mamdani on the “basic line”.
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“The profits of the owner increased by 12 % last year alone, while one in four of the New York residents struggles to bear the basics costs,” said CEA Weaver, director of Bloc Bloc at New York State Bloc.
“The modest increase in taxes will not remove New Yorker companies from the city.”
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