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ohran Mamdani, the incoming mayor, and the real estate industry may have more in common than expected. Despite their differences on socialism, rent control, and other issues, they share some key areas of agreement that could benefit property owners.
Mamdani's plans to increase housing supply by supporting upzoning and streamlining project reviews align with the industry's goals. He aims to reduce the burden of "member deference" in the City Council, which can add cost and uncertainty to development projects. This shift could lead to more affordable housing options for New Yorkers.
The two also agree on ending citywide parking mandates, increasing rental voucher funding, and improving its efficiency. Mamdani plans to provide more resources for the Department of Housing Preservation and Development, a long-standing bottleneck for the real estate industry. Additionally, he may reform property taxes to reduce the burden on rental buildings.
While Mamdani's proposal for a four-year rent freeze is a concern for landlords, his other initiatives could deliver some victories for property owners. His support for pro-housing reforms on the November ballot and his pledge to streamline project reviews could make it easier for developers to build more homes.
