The Fox Business Lauren Simononi Democratic NYC mayor’s candidate Zoharan reports on Mamdani’s $ 100 billion housing plan and growing backlash from developers.
New York City Mayorle candidate Zoharan Mamdani Real estate developers and zamindars are stunning on their comprehensive proposal to deal with the city. housing crisisThe Queens Assemblyman wants to build 200,000 new public subsidized affordable homes and freeze the rent immediately for 2.4 million stable tenants of the city.
“You do not build housing by attacking the people who make it,” Jerid Epstein, president of the Aurora Capital Associates, told Fox Business. “I am a developer. And this is not effective by attacking me, my company, our colleagues.”
Mamdani launched a campaign, which focused on making one of the country The most expensive place to live More attainable for average residents. Their proposals ask for multi-year fare and invest extensively in public housing. Critics argue that their proposals can be spoiled in existing problems in the rental market, including Epstein.
“A fare freeze is a housing freeze, plain and simple,” he argued.
New York Mayorle candidate, State Rape. Zoharan Mamdani (D-NY) spoke to supporters during an election night on 24 June 2025 in the Long Island City neighborhood of Queens Boro in New York City. (Getty Images / Michael M. Santiago / Getty Images)
Many landlords say that thousands Fare Due to expensive repairs, they are already sitting empty, they cannot tolerate without being able to increase the rent. A fare freeze will only make that situation worse.
Mamdani’s campaign website has accepted a tag of $ 100 billion that will cost the city in 10 years in their plans. To pay for projects, he has proposed stator tax on rich new Yorkers making more than a million dollars and a high corporate tax rate.
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Despite the backlash from the real estate industry, Mamdani is getting strong support between progressive and young voters Rising costsAccording to realtor.com, in average fare New York City Since 2024, an increase of about $ 200 has reached $ 3,397.
The tenant’s advocates say the zamindars can absorb the increase and rental control.
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“Landlord’s profits are only 12% in the previous year, while four new Yorkers are struggling to do basics,” said CEA Vever, director of New York State Tenant Block, said.
“A slight increase in taxes is not going to get New Yorker’s corporations out of the city.”
