logo
Odd Lots: The NYC Landlords Most Worried About Zohran Mamdani

Odd Lots: The NYC Landlords Most Worried About Zohran Mamdani

Bloomberg4 days ago
Probably the most controversial proposal from New York City Democratic mayoral nominee Zohran Mamdani is his promise to freeze the rent on a substantial chunk of rent-stabilized units in the city. There are concerns that this will cause a major downshift in housing development and that landlords that are heavily exposed to rent-stabilized units will be driven deeper into distress. But then separately there are major real estate owners who may be threatened by other aspects of Mamdani's real estate vision. For example, he has promised to, in some instances, expedite approvals for new buildings, which could take away the competitive edge from major building owners that know best how to work the approval process. But there are also players in the real estate industry who are excited about new opportunities. If housing production does, in fact, slow down, that could mean higher rent on market-rate units. And if Mamdani significantly expands the supply of free childcare in the city, then that could present an opportunity for some owners of commercial real estate. On this episode of the podcast, we speak with past guest Ben Carlos Thypin, a NYC landlord himself, as well as the founder of the analytics firm Quantierra. He gives us the overall lay of the land on how various players in the real estate industry are preparing for Mamdani's possible victory.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Zohran Mamdani's NYC grocery stores scheme draws fresh scrutiny as video of empty, city-owned Missouri market goes viral
Zohran Mamdani's NYC grocery stores scheme draws fresh scrutiny as video of empty, city-owned Missouri market goes viral

New York Post

time2 hours ago

  • New York Post

Zohran Mamdani's NYC grocery stores scheme draws fresh scrutiny as video of empty, city-owned Missouri market goes viral

He could be biting off more than he can chew. A viral video showing a desolate publicly-funded grocery store in Missouri has drawn fresh scrutiny on socialist mayoral contender Zohran Mamdani's signature proposal to bring city-owned markets to the Big Apple. The eerie footage showed virtually bare shelves inside the Kansas City, Miss. store, with local outlet KSHB 41 reporting this week that a rancid odor also wafted inside the shop. Advertisement 6 A viral video shows the poor conditions inside the city-owned Sun Fresh Market grocery store in Kansas City. KSHB 6 Empty shelves seen inside Sun Fresh Market. KSHB The lack of produce and other goods came despite the store being in a city-owned building and receiving millions of taxpayer dollars since opening in 2018, the report said. Advertisement 'I can tell you today right now it's damn near dead,' one outraged local told the outlet. Many viewed the video as prophetic for New York City, with one X user posting, 'Watch this, Mamdani supporters.' Mamdani helped clinch the Democratic mayoral nomination by running a campaign focused on affordability, including a promise to create a network of city-owned grocery stores to the Big Apple. 'It's like a public option for produce,' he said in one of his slick TikTok videos. 'We will redirect city funds from corporate supermarkets to city-owned grocery stores whose mission is to lower prices, not price gouging. Advertisement 'These stores will operate without a profit motive, or having to pay property taxes or rent, and will pass on those savings to you. They'll partner with small businesses and nearby farms and sell at wholesale prices.' 6 Democratic mayoral candidate Zohran Mamdani has proposed opening city-owned grocery stores. Zohran Mamdani / TikTok The proposal inspired an explosion of handwringing among some New Yorkers, with some warning of Soviet-style groceries and billionaire John Catsimatidis threatening to close his Gristedes grocery chain. 'We can't compete with Mamdani opening city-run supermarkets for free,' Catsimatidis has told The Post. Advertisement But Mamdani's plan is largely vague on details, such as whether the city itself will actually run the stores or hand off operations to a private or nonprofit partner. He has interchangeably used the terms 'city-owned' and 'city-run' to describe the stores during his campaign. 6 A local TV station also reported a rancid smell in the Kansas City store. KSHB Mamdani said he envisions the initiative as a pilot program that's more of an experiment. 'That would be one store in each borough – five stores across New York City,' he said on 'The Bulwark' podcast. 'It would cost $65 million,' he said before the podcast host Tim Miller interrupted to jokingly call them 'five communist stores.' 'It might be an interesting test case to see how poorly it does compared to its neighbors,' Miller said. 6 Sun Fresh Market has recieved millions of dollars in taxpayer funds since opening in 2018, according to the report. KSHB Advertisement Mamdani contended that he was more interested in testing a potential practical policy than pushing an ideological agenda. 'No matter how you think about the idea, I do think that there should be room for reasonable policy experimentation in our cities and in our country, where we actually test out our ideas,' he said. 'And if they work, they work. And if they don't work, c'est la vie, then the idea was wrong.' The Queens assemblyman has pointed toward the government-owned grocery store in St. Paul, Kansas, a community of roughly 600 people, as a success story. Advertisement Brittain Ladd, a supply chain logistics and retail consultant, said government-run grocery stores in New York City could break even, but they could only offer a limited number of basic products and would need to be operated by grocery 'experts.' 6 The report noted a lack of fresh produce available in the city-owned grocery store. KSHB 'The program will fail if people who don't have expertise set it up,' Ladd said. 'These would be very specialized grocery stores. This would not look like a grocery store. It would be a very bare bones operation,' Ladd said. Advertisement 'It would be to really just provide the things that people need the most.' Nevin Cohen, director for the CUNY Urban Food Policy Institute, said Mamdani's proposal isn't so far-fetched, noting the city has six public retail markets, such as Jamaica Market, with a history going back to Mayor Fiorello La Guardia in the 1930s. 'They still operate in neighborhoods all across the city, and there, the Economic Development Corporation of New York City owns and manages the building and sets the rents so that there is a mix of neighborhood-serving vendors with rents that are affordable so they can provide low cost food,' Cohen said. Advertisement Cohen envisioned a public-private model would prevail if Mamdani wins in November and moves forward with the experiment, adding he didn't think city-owned grocery stores would impact existing businesses. 'In New York City, with 1,000 supermarkets, I don't think it's likely that the five public markets that Mamdani has been talking about would in any way undermine existing food retailers,' he said.

No, Instagram didn't suspend Zohran Mamdani's account for being ‘too socialist'
No, Instagram didn't suspend Zohran Mamdani's account for being ‘too socialist'

The Verge

time3 hours ago

  • The Verge

No, Instagram didn't suspend Zohran Mamdani's account for being ‘too socialist'

In a story published earlier this week, a site called 'NYC Journals' claimed to have a bombshell: that Instagram had suspended the account of New York mayoral candidate Zohran Mamdani for being 'too socialist.' The story claimed that Mamdani's account was down for three hours; it also cited a 'leaked memo' from inside Instagram that said his content went against US national interests. The article is surprisingly detailed — it includes quotes attributed to Mamdani himself, as well as a 'political communications expert' lamenting the control tech platforms have over political discourse. It would be a huge story in a race that's already been surprising and contentious. The problem, of course, is that it's not true. The article has been posted to social media platforms like Bluesky, Reddit, Mastodon, and X, racking up reposts, likes, and comments. But Meta spokesperson Ryan Daniels confirmed that there's no such memo or restrictions on Mamdani's account. Mamdani campaign spokesperson Dora Pekec confirmed to The Verge that the article, the statement attributed to Mamdani, and the account suspension are all fake. NYC Journals' website doesn't have many details about the outlet, and the fake story is attributed to a general 'NYC Journals Staff' byline. Elsewhere on the site it claims that its information is 'corroborated with a myriad of sources and fact checked thoroughly.' It's not clear where or how the story began to spread, but it's been picked up by a handful of other fly-by-night websites that pop up suddenly and disappear just as fast. NYC Journals did not list a way to contact the site for comment. Though Mamdani is running in a local election, his candidacy has drawn national attention. After Mamdani became the presumptive Democratic nominee in June, Donald Trump seemed to endorse false claims that Mamdani was in the US 'illegally.' Other Republicans have called for Mamdani to be deported. Mamdani is a naturalized US citizen. This isn't the first false story that's circulated during the race for mayor — and likely won't be the last. Posts from this author will be added to your daily email digest and your homepage feed. See All by Mia Sato Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Policy Posts from this topic will be added to your daily email digest and your homepage feed. See All Politics Posts from this topic will be added to your daily email digest and your homepage feed. See All Tech

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store