New York City mayor Zohran Mamdani. (Photo: AP)

Billionaire investor Barry Sternlicht has warned that New York City risks “turning into Mumbai” under newly elected mayor Zohran Mamdani, accusing the progressive leader of pushing anti-business policies that could drive investors and residents away.

In an interview with CNBC’s Property Play, the Starwood Capital Group chairman said the city’s crippling construction costs, union dominance, and left-wing housing agenda were making development nearly impossible.

“Over $100 million, every project in New York has to go union, and it’s super expensive,” Sternlicht said. “That’s one of the key reasons the blue states are so expensive and so difficult to add housing supply. And then the far left gets really nuts and says the tenants don’t have

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