Mamdani’s Effect on NYC Real Estate

We have a New Mayor!

Love him or Hate him, Zohran Mamdani is our newly elected mayor and New York City had the largest voter turnout since 1969! As we look forward to his four year term, here is the likelihood of some of Mamdani's stated campaign policies coming to fruition. Mamdani’s agenda emphasizes affordability, housing expansion, and social equity. While several initiatives could begin within his first two years, transformative programs (like universal childcare and large-scale rent freezes) will depend on substantial cooperation from Albany and long-term fiscal planning. See below chart. Mamdani's Feasibility on Campaign Promises Made ALL OF THE AFFORADABLE HOUSING BALLOT MEASURES PASSED by overwhelming margins and despite a robust opposition campaign by the NYC City Council. Diving into the main 3 proposals that may affect housing, construction and real estate in 2026: **Proposal 2 – Change to the NYC Charter to create two new “fast-track” review processes for affordable housing projects: There will be 12 districts that are scheduled to be finalized in Oct 2026 within certain community boards. These districts will have been analyzed to have the least amount of affordable housing and are located in an area with a higher proportion of single-family homes.  In connection with Adam’s “City of Yes” the goal of this proposal is to fast track more affordable housing construction. ** Proposal 3 – Change to simplify the review of certain modest housing and infrastructure land‐use projects: namely, smaller-scale changes and preparations for future challenges (e.g., extreme weather) that will bypass final review by the New York City Council. **Proposal 4 – Creates an “Affordable Housing Appeals Board” in the City Charter composed of the Mayor, City Council Speaker and local Borough President who would have the power (via a 2-to-1 vote) to reverse a City Council vote that rejected or changed an affordable housing project. This may be favorable to developers because it encourages new building, but does not take into account the streetscape, curb appeal, and communities in existing neighborhoods.

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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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