New York City will turn into Mumbai under Mayor Zohran Mamdani’s rent freeze plan , billionaire investor Barry Sternlicht warned in an interview with CNBC, saying the socialist agenda risks crippling the housing market and driving developers out of the city.

Sternlicht, the chairman and CEO of Starwood Capital Group, said Mamdani’s proposal to freeze rents because tenants’ incomes have stagnated will trigger a chain reaction of nonpayment and erode confidence in property ownership.

"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 t

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