Zohran Mamdani, a New York City mayoral candidate, proposes constructing 200,000 publicly-subsidized affordable homes and instituting a rent freeze for 2.4 million rental tenants to address the city's housing crisis. While his plan has garnered substantial support from progressive voters, many landlords argue it could exacerbate current rental market issues. The $100 billion plan, funded by higher taxes on wealthier residents, faces strong opposition from the real estate sector, reflecting the tension between affordable housing initiatives and the interests of developers.
You don't build housing by attacking the people who build it," Jared Epstein, president of Aurora Capital Associates, told FOX Business. "I'm a developer. And by attacking me, my company, our peers, it's not effective."
A rent freeze is a housing freeze, plain and simple," argued Epstein. "Critics say Mamdani's proposals could worsen existing problems in the rental market.
Mamdani's proposed steep taxes on wealthy New Yorkers making over a million dollars, and a higher corporate tax rate to fund his $100 billion housing plan.
Despite the backlash, Mamdani is finding strong support among progressive and younger voters frustrated by rising costs, with median rent in NYC near $3,397.
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