Mamdani’s $100B Housing Plan Sparks Developer Backlash in NYC

A sweeping $100 billion housing proposal by New York City mayoral hopeful and Queens Assemblyman Zohran Mamdani has ignited sharp backlash from real estate developers and landlords across the city. The plan, which includes the construction of 200,000 publicly subsidized affordable housing units over the next decade, also calls for an immediate rent freeze for 2.4 million rent-stabilized tenants.

Many in the real estate sector view Mamdani’s proposal as a direct threat to property developers. Jared Epstein, president of Aurora Capital Associates, voiced strong opposition, saying, “You don’t solve a housing crisis by attacking those who build housing.”

Developers have raised concerns that a rent freeze would further paralyze the housing market by discouraging maintenance and repairs on thousands of vacant units, which many landlords claim they cannot afford without the ability to raise rents. Epstein added, “A rent freeze is essentially a housing freeze.”

To fund his ambitious plan, Mamdani proposes raising taxes on wealthy individuals earning over $1 million annually and increasing the corporate tax rate. Though the financing approach has sparked controversy, Mamdani continues to gain momentum among progressive and younger voters who are frustrated by skyrocketing living costs.

Cea Weaver, director of the New York State Tenant Bloc, defended the plan, stating, “Landlords’ profits rose 12% in the past year, while one in four New Yorkers is struggling to meet basic living expenses. A modest tax increase is a small price to pay for housing justice.”

Meanwhile, current Mayor Eric Adams launched a scathing attack on Mamdani, calling him a “snake oil salesman” who is misleading voters with empty promises.

As the election approaches, Mamdani’s proposal has intensified debate over how to address New York City’s deepening housing crisis, drawing sharp lines between real estate interests and housing justice advocates.