Billionaire property magnate Barry Sternlicht drew a controversial comparison between New York and Mumbai, while criticising New York's new mayor Zohran Mamdani.

In an interview with CNBC , the billionaire said the New York City will essentially turn into Mumbai under Mamdani's tenure, suggesting that tenants will be emboldened not to pay their rent.

"So, the neighbour finds out the neighbour isn’t paying, and they don’t pay, and the next guy doesn’t pay, and then you’re basically going to turn New York City into Mumbai," Barry Sternlicht said.

Sternlicht's firm considering relocating

Billionaire real estate investor Barry Sternlicht's firm is considering relocating from New York now that Zohran Mamdani has been elected mayor. He claimed other businesses will likely follow suit.

Spe

See Full Page