With New York City Mayor Eric Adams’ surprise exit from the race on Sunday, democratic socialist mayoral candidate Zohran Mamdani’s plan to freeze rent may get even more attention from freebie-loving voters, but it’s raising concerns for real estate and business leaders that say similar progressive policies have resulted in higher vacancies, deteriorating housing and slow development.
Mamdani, the frontrunner in the race, has centered his campaign around this policy and publicly called out Adams for “squeezing tenants” by increasing rent on stabilized apartments. His platform, “New York is too expensive. Zohran will lower costs and make life easier.”…