Democratic socialist Zohran Mamdani is New York City’s mayor-elect, set to assume office on Jan. 1, and some billionaires have floated relocating their businesses out of the largest U.S. city.

Real estate investor and Starwood Property Trust CEO Barry Sternlicht told Daily Mail on Sunday that his firm is considering relocating now that Mamdani will be the city’s next mayor, and that he expects other businesses to do so as well.

The commercial real estate tycoon and founder of Starwood—which reported Monday having $29.9 billion in total assets at the end of the third quarter—suggested that tenants will be emboldened not to pay their rent with Mamdani in charge.

“The far-left gets really nuts and says the tenants don’t have to pay. Well, you can’t kick them out if they don’t pay,” S

See Full Page