{"id":34055,"date":"2025-11-09T18:18:17","date_gmt":"2025-11-09T18:18:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/34055\/"},"modified":"2025-11-09T18:18:17","modified_gmt":"2025-11-09T18:18:17","slug":"nyc-real-estate-could-turn-into-mumbai-under-zohran-mamdani-if-anti-owner-policies-reign-investor","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/34055\/","title":{"rendered":"NYC real estate could turn ‘into Mumbai’ under Zohran Mamdani if anti-owner policies reign: investor"},"content":{"rendered":"

New York City is in for a \u201creally tough time\u201d under socialist Zohran Mamdani, according to a warning from a billionaire real estate investor who said he is considering moving his team out of the Big Apple.<\/p>\n

With trade unions to blame for already sky-high development and management costs in New York real estate, the problems will get far worse under the newly-elected mayor\u2019s regime, Starwood Capital Group CEO Barry Sternlicht\u00a0told CNBC<\/a>.<\/p>\n

\u201cOver $100 million, every project in New York has to go union, and it\u2019s super expensive. It leads to extremely expensive housing,\u201d said Sternlicht, whose company has both commercial and residential holdings and joint ventures in the city.<\/p>\n

\"ZohranZohran Mamdani\u2019s election victory spells a \u201creally tough time\u201d for NYC, a real estate investor has warned. Aristide Economopoulos<\/p>\n

\u201cOther developers have tried to cut deals with the unions, but they rule New York, and that\u2019s one of the key reasons the blue states are so expensive and they\u2019re so difficult to add supply of housing to,\u201d he added, during the interview with CNBC\u2019s \u201cProperty Play\u201d due to be released in full next week.<\/p>\n

Sternlicht also referenced Mamdani\u2019s central housing policy to freeze rents in rent-stabilized properties in New York.<\/p>\n

\u201cThen the far left gets really nuts and says the tenants don\u2019t have to pay. Well, you can\u2019t kick them out if they don\u2019t pay. So the neighbor finds out the neighbor isn\u2019t paying, and they don\u2019t pay, and the next guy doesn\u2019t pay, and then you\u2019re basically going to turn New York City into Mumbai,\u201d he said.<\/p>\n

\u201cThe core issues are not what he\u2019s focusing on. We need to increase housing. That\u2019s not going to happen easily, right? You need serious subsidies from the government if they want us to work with unions. The unions have to be more accommodating on their work laws and the wages and everything else, otherwise you can\u2019t add economically,\u201d added Sternlicht, who said he had not spoken to Mamdani in the run-up to the Nov. 4 election, nor contributed to the campaign of his main opponent, ex-Gov. Andrew Cuomo.<\/p>\n

\"BarryBarry Sternlicht, Starwood Capital Group CEO, said he is already considering vacating his company\u2019s Manhattan office. CNBC<\/p>\n

Sternlicht also brought up public safety in New York, a key issue in the campaign which saw Mamdani confronted over his previous calls to \u201cDefund the Police.\u201d<\/p>\n

\u201cThat\u2019s the number one thing. If people feel like their kids aren\u2019t safe on the streets, they will pull them out of school and they will leave. And if he defunds the police or he doesn\u2019t give them the honor and prestige they deserve, I think the city\u2019s in for a really tough time,\u201d Sternlicht warned.<\/p>\n

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Sternlicht said his company is already considering leaving its office in Midtown Manhattan, after hitting out at Mamdani\u2019s socialist ethos and what he called the growing anger at success in New York.<\/p>\n

\u201cMaybe he\u2019ll \u2026 learn from history. Maybe the million people that voted him won\u2019t realize that socialism has never worked anywhere on the planet Earth, ever,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"New York City is in for a \u201creally tough time\u201d under socialist Zohran Mamdani, according to a warning…\n","protected":false},"author":2,"featured_media":34056,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[57,9,24,56,63,65,64,1211,58,82],"class_list":{"0":"post-34055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-metro","9":"tag-new-york","10":"tag-new-york-city","11":"tag-ny","12":"tag-nyc","13":"tag-nyc-headlines","14":"tag-nyc-news","15":"tag-socialism","16":"tag-us-news","17":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/34055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=34055"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/34055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/34056"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=34055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=34055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=34055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}