E
lection day is less than a week away, and real‑estate stakeholders across the country are watching mayoral contests and ballot initiatives that could dictate local markets for years. Developers, brokers and landlords are backing candidates who promise growth, clarity and, ideally, predictability.
In New York City the field has narrowed to a three‑way showdown where housing policy dominates. Democratic Socialist Zohran Mamdani seeks a four‑year freeze on stabilized rents, unsettling landlords and condo owners. Former governor Andrew Cuomo, now an independent, positions himself as a pragmatic reformer, calling for tweaks to Local Law 97 and emerging as the real‑estate favorite. The Real Deal reports the industry has poured roughly $12.4 million into the race, with $11 million channeled through super‑PACs. Cuomo’s Fix the City PAC captured about $5.2 million, and when Eric Adams exited the race, industry money surged back to Cuomo—$41 000 in two days. Mamdani still receives quiet support from affordable‑housing and nonprofit developers, while Republican nominee Curtis Sliwa promotes office‑to‑residential conversions, though his campaign has limited traction.
Miami’s mayoral race is a full‑blown free‑for‑all, with 13 candidates vying to replace Francis Suarez. Joe Carollo, Alex Diaz de la Portilla, Eileen Higgins and Xavier Suarez all draw checks from the city’s development elite. Firms such as Terra, Related Group and 13th Floor Investments hedge their bets, donating to multiple campaigns. With high costs and political dysfunction weighing on the market, the biggest players seek stability over ideology.
In New Jersey, the race to replace Gov. Phil Murphy has the industry leaning red. Republican Jack Ciattarelli has raised about $1.3 million in real‑estate donations, more than double Democrat Mikie Sherrill’s haul. The Adjmi, Chera and Cayre families back Ciattarelli, while the Dursts and Tisches support Sherrill. Housing remains central, as New Jersey is one of the most expensive and densely populated states.
Texas has no major mayoral contests this cycle, but voters face several real‑estate‑related ballot measures. The largest is Project Marvel, a $4 billion mixed‑use development anchored by a new Spurs arena in San Antonio. Two local propositions would redirect hotel and venue taxes to the project, though polling shows mixed support and Mayor Gina Ortiz has questioned the team’s contribution. Statewide measures include property‑tax relief for homeowners and seniors, a ban on future inheritance tax and a proposal to protect “Y’all Street” by prohibiting taxes on financial transactions.
The 2026 California governor race is already a proving ground for real‑estate influence. Former L.A. mayor Antonio Villaraigosa leads fundraising, drawing support from Related California’s Bill Witte, developer Joseph Moinian and broker Kurt Rappaport, all of whom praise his skepticism of L.A.’s property‑transfer tax, Measure ULA.
Other real‑estate headlines this week: Jared Kushner and Steve Witkoff pitch a $50 billion Gaza reconstruction as a real‑estate redevelopment, blending diplomacy with dealmaking. A California investor group tied to a regional bank’s stock tumble is embroiled in a legal mess on Manhattan’s Upper East Side, accused of refusing to close a sale after a buyer deposited $1.2 million. Vanbarton Group secured a $280 million refinance from Invesco for its Sixth Avenue tower, following the conversion of three former WeWork floors into apartments. The Live Local Act is delivering results, with nearly 3,200 below‑market rental units completed and another 43,000 in the pipeline as developers capitalize on the 2023 law’s incentives. In Chicago, Shai Wolkowicki sued former partner Mitch Goltz over $31 million from the sale of Evanston’s Church Street Plaza, alleging unauthorized distributions amid broader financial troubles. Manhattan’s 432 Park Avenue faces a nine‑figure repair bill as cracks and spalling concrete appear along its white facade, sparking lawsuits between the condo board, Macklowe Properties and CIM Group. Uptown Dallas developer Harwood International sold nearly 1 million square feet of office space to TPG, while Eli Karp’s 1580 Nostrand Avenue returned to lender Madison Realty Capital through a $70 million credit bid. Finally, “Home Improvement” star Patricia Richardson is listing her Brentwood estate for just under $10 million after nearly three decades, moving to a smaller L.A. condominium amid a booming local market.
