New York City is in for a “really tough time” under socialist Zohran Mamdani, according to a warning from a billionaire real estate investor who said he is considering moving his team out of the Big Apple.

With trade unions to blame for already sky-high development and management costs in New York real estate, the problems will get far worse under the newly-elected mayor’s regime, Starwood Capital Group CEO Barry Sternlicht told CNBC .

“Over $100 million, every project in New York has to go union, and it’s super expensive. It leads to extremely expensive housing,” said Sternlicht, whose company has both commercial and residential holdings and joint ventures in the city.

Zohran Mamdani’s election victory spells a “really tough time” for NYC, a real estate investor has warned. Aristid

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