Billionaire real estate investor Barry Sternlicht, the chairman and CEO of Starwood Capital Group, said New York City under new mayor Zohran Mamdani will turn into Mumbai as he pledged to freeze rents because tenants' incomes have stagnated. Sternlicht who has both commercial and residential holdings in NYC said when one neighbor finds out that their neighbor is not paying, they stop paying and thus NYC will turn into Mumbai. “Over $100 million, every project in New York has to go union, and it’s super expensive. It leads to extremely expensive housing. And other developers have tried to cut deals with the unions, but they rule New York, and that’s one of the key reasons the blue states are so expensive and they’re so difficult to add supply of housing to,” Sternlicht said in an inte

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