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ohran Mamdani, a 33-year-old socialist and Democratic nominee for New York City mayor, has sent shockwaves through the city's real estate establishment with his primary win. His radical ideas, including rent freezes and tax plans targeting specific neighborhoods, have caught the attention of top executives like Marc Holliday, CEO of SL Green, who is hosting a fundraiser for Mayor Eric Adams at One Madison Avenue on Wednesday. The event, costing $2,000 per person, aims to consolidate financial support for Adams' independent re-election campaign.

    Wealthy New York elites are surprisingly backing Mamdani's opponent, despite his plans to tax them more. Meanwhile, a group of young supporters has invested in the "Mamdani Millionaires" movement, raising questions about how his socialist policies would impact the city. Mamdani's key promises include freezing rent rates and replacing luxury condos with communal-style living units.

    To achieve these goals, Mamdani plans to appoint members to the Rent Guidelines Board who wouldn't vote to increase rents on stabilized apartments. He has also vowed to raise corporate taxes to match New Jersey's 11.5% rate, bringing in $5 billion, and tax the wealthiest 1% of New Yorkers a flat 2%. As details emerge about Mamdani's plans, real estate moguls are throwing their weight behind Adams, with Noble Black predicting that Wednesday's fundraiser will be the first of many.

    The Mamdani campaign has not commented on the recent developments, but it remains to be seen how his policies would impact New York City.