New York's real estate execs frustrated with expected Cuomo campaign pick

Politico

27-02-2025

NEW YORK — A labor official in talks for a top post in former Gov. Andrew Cuomo's expected mayoral campaign is troubling the city's well-heeled real estate industry.
Kevin Elkins, political director at the New York City District Council of Carpenters, is expected to hold a role in the campaign, according to three people familiar with the matter.
'If you were to pick a single name that would antagonize the vast majority of the industry it would probably be Kevin Elkins,' said one industry source, who was granted anonymity to speak candidly.
The bad blood between the industry and the union — which is nearing an endorsement of Cuomo — runs deep.
The carpenters stand somewhat apart from other building trades unions in their publicly antagonistic and pugilistic posture toward the real estate industry, one of the wealthiest in New York and one that plays a big role in public policy and politics. The union was a driving force behind expanded wage requirements in the revived multi-family housing tax break approved in Albany last year, known as 485-x. Developers came away unhappy with the deal, arguing the labor rules made the incentive unusable for many residential projects in a housing-starved city.
And Elkins frequently goes after the industry's leading trade group, the Real Estate Board of New York, on social media — both regarding fraught negotiations in Albany, and over issues in which the carpenters union is not especially involved, like a City Council measure reining in broker fees.
Cuomo has a long and close relationship with the building trades, but some developers still find the Elkins pick particularly concerning.
'By bringing this guy into the campaign so early, it's really showing a concerning alignment with labor that will, potentially, down the road cause even more significant issues and more contention between real estate and the trades,' said a developer who was granted anonymity to speak freely.
A third industry insider also granted anonymity to speak freely expressed similar concerns about Elkins.
A person close to the former governor defended Elkins.
'Kevin is a smart guy who fights hard for his people and those are good things to have on a campaign, of which there currently isn't one,' the person said. 'The governor has and always will do what is best for all New Yorkers.'
Elkins declined to comment.
Before joining the union in 2021, Elkins worked for former Staten Island Rep. Max Rose, who briefly flirted with running for mayor.
'When's the last time REBNY won a legislative fight? I'm being sincere,' Elkins wrote on X last November, reposting news of the council passing legislation to curb broker fees that the trade group had fought.
During heated negotiations in Albany over the parameters of the multi-family housing tax break, Elkins frequently blamed the industry for holding up the larger housing deal.
REBNY 'stands alone in opposing [a deal],' Elkins wrote on X last January. 'This is how the most recent rent laws passed. Amazing how history repeats itself!'
'This budget season I'm grateful for all the creatively disingenuous ways REBNY has tried to hide the fact that its wage proposal is the same wage-theft filled average wage policy,' Elkins wrote in another post in early April. 'It's done more to expose their tactics to lawmakers & media than we ever could.'
The tax break approved as part of the larger housing deal last April drew criticism from major developers, including Douglas Durst and Two Trees' Jed Walentas, the chair of REBNY. Both builders paused massive projects along the Queens and Brooklyn waterfronts after concluding the new incentive was financially inadequate.
Gov. Kathy Hochul has defended the tax break, and argued the program will become more popular with developers as interest rates come down. Elkins and the carpenters, meanwhile, accused the industry of 'bluffing.'
Despite their distaste for Elkins, developers and other industry players have a generally positive view of Cuomo in the context of the crowded race to replace Mayor Eric Adams.
The incumbent, who supports real estate growth, is badly damaged by a federal corruption indictment as he cobbles together a reelection bid.
'I think very few people [within the industry] think there's a shot for the current mayor. The remainder of the announced field is seen as very, very far left,' said one real estate lobbyist. 'The weight of opinion is I think you'll see considerable support for Governor Cuomo.'
Nick Reisman contributed to this report.