Latest news with #rentfreeze
Bloomberg
11 hours ago
- Business
- Bloomberg
Mamdani's Rent-Freeze Agenda Sparks Slide in NYC-Linked REITs
Shares of companies linked to New York City real estate fell Wednesday as Zohran Mamdani, a state Assembly member who has vowed to freeze rents, looks all but certain to become the Democratic nominee for mayor. During his campaign ahead of Tuesday's primary, Mamdani called for a progressive agenda that also included cheaper groceries at government-owned stores and making city buses free, to be financed in part by tax increases. Former New York Governor Andrew Cuomo, who conceded Tuesday night, has said Mamdani's plans would spur wealthy residents to leave.
Reuters
14 hours ago
- Business
- Reuters
New York banks, REITs fall as Mamdani's mayoral lead stokes rent freeze worries
June 25 (Reuters) - Shares of several New York-based banks and real estate investment trusts fell on Wednesday as Zohran Mamdani's lead in New York City's Democratic mayoral primary stoked concerns that his proposed rent freeze could pressure building owners. On the campaign trail, Mamdani, a 33-year-old state lawmaker and self-described democratic socialist, vowed to lower costs for New Yorkers as a mayor by freezing the rent, opens new tab for all rent-stabilized apartments. Wall Street analysts have warned that the move could hurt building owners already grappling with higher costs, as constraints on their ability to raise rents might make it more difficult for some to repay their debt. "Politicians continue to march down a perilous path for rent-regulated multi-family with allowable rent increases lagging expense growth," brokerage Stephens said. The real estate sector has already been reeling under pressure as higher interest rates strained borrowers while the post-pandemic adoption of remote working left office buildings vacant. While Mamdani's proposals could face budgetary constraints and opposition from industry participants, banks in New York City could remain under pressure in the near-term, BofA analysts said last week. Shares of Flagstar Financial (FLG.N), opens new tab and Dime Community Bancshares (DCOM.O), opens new tab fell 5% and 4%, respectively, while Flushing Financial (FFIC.O), opens new tab was down 3%. Flagstar and Dime Community have a heavy exposure to rent-regulated multi-family in New York, according to analysts. Among New York-exposed REITs, SL Green Realty (SLG.N), opens new tab and Vornado Realty Trust (VNO.N), opens new tab fell 5% each. Equity Residential (EQR.N), opens new tab and Empire State Realty Trust (ESRT.N), opens new tab fell 3% and 4%, respectively. LXP Industrial Trust (LXP.N), opens new tab was down 2.5%. However, while Mamdani's proposals have rattled investors, some analysts said the immediate risks may be limited. Analysts at Citi said the concerns stirred by his sweeping "freeze the rent" campaign promise could bring forward incremental credit concerns, but the actual fundamental impact on banks is likely to be minimal in the short to medium term.
Yahoo
17-06-2025
- Politics
- Yahoo
Zohran Mamdani: Can the 33-year-old democratic socialist become NYC's next mayor?
The Brief Zohran Mamdani was elected to the New York State Assembly in 2020. Mamdani has a focus on rent freezes, free bus rides and no-cost childcare. "Paying for this economic agenda and starting to Trump-proof our city is just a question of political will." NEW YORK CITY - Democratic candidate and Assemblyman Zohran Mamdani is running to be the city's next mayor, aiming to succeed incumbent Mayor Eric Adams, who's running for re-election as an Independent. MORE: Meet the candidates running for NYC mayor: List Mamdani, gaining a following in part for his snappy social media presence, has a focus on rent freezes, free bus rides and no-cost childcare, and is also advocating for housing affordability. Dig deeper The 33-year-old from Queens is a self-declared democratic socialist known for his activism, including leading a hunger strike alongside taxi drivers. Since his election to the New York State Assembly in 2020, Mamdani introduced the REPAIR Act to end significant property tax exemptions for Columbia University and NYU, aiming to redirect funds to the City University of New York (CUNY). According to his campaign website, Mamdani says he'll use "every tool available to bring down the rent, create world-class public transit, and make it easier to raise a family." Mamdani was born in Kampala, Uganda and moved to New York City at age 7. According to the Associated Press, he became naturalized as an American citizen a few years after graduating from college, where he co-started his school's first Students for Justice in Palestine chapter. His mother, Mira Nair, is an award-winning filmmaker. His father, Mahmood Mamdani, is an anthropology professor at Columbia University. What they're saying Mamdani says he's focused on housing and affordability for New Yorkers, based on his campaign website. His platform includes several key initiatives, including rent freezes, faster and fare-free buses and no-cost childcare. In an appearance on Good Day New York, Mamdani was asked: how can New York City afford it? "Well, there's a very clear way we can do it: we can tax Andrew Cuomo's donors," Mamdani said. "The top 1% of New Yorkers, and the most profitable corporations. Ultimately, paying for this economic agenda and starting to Trump-proof our city is just a question of political will." On the topic of public safety, Zohran said on his campaign website that he will "create the Department of Community Safety to prevent violence before it happens by prioritizing solutions which have been consistently shown to improve safety." "I want to be very clear, I will not defund the police," Mamdani said. "I will sustain the current amount of police officers we have in our police department, and that's because I know police have a critical role to play in public safety." For a closer look at Mamdani's stance on all issues, click HERE.
Yahoo
17-06-2025
- Business
- Yahoo
Washington Heights tenants urge rent freeze before Rent Guidelines vote
WASHINGTON HEIGHTS, Manhattan (PIX11) – Tenants in rent-stabilized buildings in Washington Heights are demanding a rent freeze ahead of the Rent Guidelines Board vote on June 30th. The Rent Guidelines Board has proposed increases of 1.75% to 4.75% on 1-year leases and 3.75% to 7.75% on 2-year leases. More Local News A public hearing is scheduled for Tuesday, June 17th, from 5 to 8 p.m. at Symphony Space on the Upper West Side. New York City Councilwoman Carmen de la Rosa organized a news conference Monday night. She said, 'Northern Manhattan and communities of color are facing displacement and further rent burdens, increasing gentrification, displacement.' Landlords say the cost of everything is going up for them. Ann Korchak, with the Small Property Owners of New York told PIX11 News 'increased expenses, which we are all seeing, are, you know, covered by rent. Korchak said the cost of everything is going up, including 'a triple digit increase for their insurance related to liability, the water and sewage rates are going up over 8-percent, con ed is asking for an 11-percent increase on electric, and 13-percent for gas.' Tanesha Grant, who has rented for twenty-five years, said she and other tenants cannot afford to pay more money every month. Grant told PIX11 News, 'What this is going to do is, it's going to have a lot of everyday people leaving New York because we can't afford to live here.' Grant added, 'Our last mayor, Bill de Blasio actually froze the rent three times, so when they tell us it can't be done, we don't believe that.' In a statement Monday night, City Hall Spokesman William Fowler told PIX11 News 'It's easy to stand on the sidelines shouting simple slogans, but the reality is, allowing rent stabilized buildings to fall deeper into disrepair by freezing rent would only hurt rent stabilized tenants by subjecting them to worse living conditions and much larger rent increases in the future. The benefit and purpose of rent stabilization is in the name itself — stability — both for tenants and their homes. Freezing the rent would put buildings in jeopardy, and all but guarantees that renters would face a much steeper increase in the future to keep up with costs.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
