For months, the real estate industry in New York City has been actively involved in the mayoral race, directing at least $13 million to political action committees supporting former Governor Andrew Cuomo or opposing Zohran Mamdani, according to analysis by The Real Deal. Despite this significant financial involvement, some industry figures have expressed a willingness to work with Mamdani if he wins, acknowledging shared interests in parts of his housing plan.
The election on Tuesday will decide who replaces Mayor Eric Adams. The outcome is particularly important for the real estate sector, which has seen ongoing debates between property groups and the Democratic Socialists of New York over policy issues during the past six years. If Mamdani wins, these disagreements may intensify as he would become the first Democratic Socialist to hold the office.
After securing victory in the June primary, Mamdani met with business leaders and emphasized collaboration. He told The New Yorker that he is “not running to punish landlords.”
Mamdani leads as the Democratic nominee but recent polls indicate that Cuomo is narrowing the gap. Most surveys this month still show Mamdani ahead by more than 10 points. Republican candidate Curtis Sliwa remains in third place and has declined requests to exit the race to consolidate opposition against Mamdani.
Housing policy has been central throughout the campaign. Mamdani’s platform includes a pledge to freeze rents for about one million stabilized apartments in New York City. This proposal faces potential challenges from outgoing Mayor Adams, who could appoint new members to the Rent Guidelines Board before leaving office.
Landlord organizations argue that a rent freeze would limit their ability to increase rents on stabilized units and could lead to further decline of those properties. In response, Mamdani has stated his intention to reform property taxes and explore alternative relief measures for landlords such as new insurance options. During a recent debate, he also advocated extending the J-51 property tax break to assist owners with renovations.
Mamdani aims to construct 200,000 new housing units over ten years through $70 billion in debt financing. To manage these costs, he proposes raising corporate taxes and introducing a 2 percent income tax on individuals earning more than $1 million annually—changes requiring approval from state lawmakers. He also supports making it easier for private developers to build housing.
Cuomo’s housing agenda targets building or preserving 500,000 homes within ten years using city pension funds among other resources. He plans simultaneous construction across many sites but details remain unclear on how this would be implemented. Additionally, Cuomo seeks an overhaul of the Department of Housing Preservation and Development due to its project backlog.
Sliwa’s strategy centers on converting vacant offices into residential spaces and filling empty stabilized units rather than encouraging new construction. He opposes zoning changes proposed under City of Yes for Housing Opportunity—the current administration’s main housing initiative—and related ballot measures.
Voters will also consider several ballot questions affecting land use review procedures for certain projects; some proposals would reduce City Council oversight or enable an appeals board to override council rejections of developments. Council leadership opposes three such measures while Cuomo supports them; Sliwa is against them and Mamdani has not publicly disclosed his position.
Other proposals include shifting local elections—including those for mayor—to even-numbered years aligned with presidential elections as a way to boost voter participation.
