{"id":36292,"date":"2025-11-11T18:54:08","date_gmt":"2025-11-11T18:54:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/36292\/"},"modified":"2025-11-11T18:54:08","modified_gmt":"2025-11-11T18:54:08","slug":"billionaire-barry-sternlicht-says-mamdani-will-turn-new-york-city-into-mumbai-his-team-considering-leaving","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/36292\/","title":{"rendered":"Billionaire Barry Sternlicht says Mamdani will turn New York City into Mumbai, his team considering leaving"},"content":{"rendered":"<p> <img src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/11\/billionaire-real-estate-investor-barry-sternlicht-said-new-york-will-turn-into-mumbai-under-zohran-m.png\" alt=\"Billionaire Barry Sternlicht says Mamdani will turn New York City into Mumbai, his team considering leaving\" title=\"Billionaire real estate investor Barry Sternlicht said New York will turn into Mumbai under Zohran Mamdani's administration. \" decoding=\"async\" fetchpriority=\"high\"\/>Billionaire real estate investor Barry Sternlicht said New York will turn into Mumbai under Zohran Mamdani&#8217;s administration.  Billionaire real estate investor Barry Sternlicht, the chairman and CEO of Starwood Capital Group, said New York City under new mayor <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/zohran-mamdani\" styleobj=\"[object Object]\" class=\"\" commonstate=\"[object Object]\" frmappuse=\"1\" rel=\"nofollow noopener\" target=\"_blank\">Zohran Mamdani<\/a> will turn into Mumbai as he pledged to freeze rents because tenants&#8217; incomes have stagnated. Sternlicht who has both commercial and residential holdings in NYC said when one neighbor finds out that their neighbor is not paying, they stop paying and thus NYC will turn into Mumbai. \u201cOver $100 million, every project in New York has to go union, and it\u2019s super expensive. It leads to extremely expensive housing. And other 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 Sternlicht said in an interview with CNBC Property Play, reacting to Mamdani&#8217;s win. \u201cAnd then 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,&#8221; he said. Sternlicht said his New York team is considering leaving the city as well. \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 accommodative on their work laws and the wages and everything else, otherwise you can\u2019t add economically,&#8221; he said. Sternlicht said rent freezing is not the solution but increasing housing is.<\/p>\n<p>New York will survive, but will get worse before it gets better<\/p>\n<p>Sternlicht said he believed New York will survive but will first gets a lot worse before it gets better. \u201cPeople are working really hard. Just how do we help others to do well and believe in the American dream? That\u2019s probably a better message for a leader in the city than saying, let\u2019s just tax everyone who\u2019s been successful, force them to leave and then have to rely on Washington for handouts to basically keep the city going,\u201d Sternlicht added.<\/p>\n","protected":false},"excerpt":{"rendered":"Billionaire real estate investor Barry Sternlicht said New York will turn into Mumbai under Zohran Mamdani&#8217;s administration. Billionaire&hellip;\n","protected":false},"author":2,"featured_media":36293,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[21287,21288,21290,9,24,55,54,21289,56,82,21291],"class_list":["post-36292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-barry-sternlicht","tag-mamdani-new-york-mumbai","tag-mamdani-rent-freeze","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-new-york-housing-mumbai-housing","tag-ny","tag-zohran-mamdani","tag-zohran-mamdani-rent-freeze"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/36292","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=36292"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/36292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/36293"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=36292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=36292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=36292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}