I
n this edition: an OpenAI controversy, Elise Stefanik’s gubernatorial bid, and Fortune’s Sydney Lake on women leaders in real estate. Have a great weekend!
Real estate dominates current U.S. politics. New York’s newly elected mayor, Zohran Mamdani, campaigned on freezing rents, a promise that drew fierce opposition from a business coalition that spent millions to block his victory. President Trump, a real‑estate magnate, keeps a close eye on the sector from Washington, reshaping Fannie Mae and Freddie Mac and threatening a construction labor shortage by pushing a hard‑line deportation agenda that cuts into the industry’s long‑standing reliance on undocumented workers.
At the same time, the industry is losing its top female voices. In just a few months, two of the most powerful women in real estate were ousted. Priscilla Almodovar stepped down from Fannie Mae after nearly three years, a move that coincided with Trump’s consideration of taking the agency public. Former Freddie Mac CEO Diana Reid was fired during a leadership shake‑up by the FHFA director. Both were the only Latina and the only woman to lead their respective Fortune 500 firms, and each was replaced by a man. Other departures include Carrie Wheeler, who resigned as Opendoor CEO under activist pressure, and Michelle Ressler, Real Brokerage’s CFO, who was terminated amid expense‑policy allegations and later sued for pregnancy discrimination. These exits occurred during periods of transformation and a housing‑affordability crisis.
Women make up 60 % of the real‑estate workforce but hold only 9 % of C‑suite positions, according to September data from the Commercial Real Estate Women Network and MIT’s Center for Real Estate. Only 30 % of women in the industry say they aspire to the C‑suite, down from 32 % in 2020, says CREW Network CEO Alison Beddard. Columbia Business School’s Mabel Abraham notes that women’s advancement is stalling and that those who reach the top are increasingly leaving those roles. Beddard hopes these leaders will continue to shape housing and real estate in whatever positions they take next.
Other headlines: Boston’s mayor, Michelle Wu, won reelection unopposed, signaling her popularity after a first term and her ambitious climate agenda that could influence other lawmakers. New York congresswoman Elise Stefanik announced a run for governor, calling Gov. Kathy Hochul “the worst governor in the world.” An OpenAI CFO, Sarah Friar, sparked controversy by suggesting the U.S. government could “backstop” the company’s funding, prompting AI leaders to clarify that no bailout is planned. Two women, Jess Rowe and Miriam Payne, made history by rowing non‑stop across the Pacific Ocean, a feat that outpaces the number of people who have walked in space. Other stories include Pelosi’s retirement, the rise of singlehood, a WNBA pay dispute, and a new book on Michelle Obama’s fashion journey.
Sydney Lake’s “Most Powerful Women Daily” newsletter is Fortune’s daily briefing on women leading the business world. This edition was curated by Emma Hinchliffe. Subscribe for free.
