Billionaire real estate investor Barry Sternlicht, chairman and CEO of Starwood Capital Group, has warned that New York City could turn into Mumbai under mayor-elect Zohran Mamdani’s rent freeze plan.

Sternlicht warned that Mamdani’s plan to freeze rents amid stagnant tenant incomes could spark widespread nonpayment and undermine trust in property ownership. He also said his firm is considering relocating from New York post Mamdani’s victory.

“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 sa

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