New York City is bracing for a challenging period under mayor-elect Zohran Mamdani, according to real estate billionaire Barry Sternlicht, who is contemplating relocating his team out of the city. The CEO of Starwood Capital Group criticised New York’s trade unions for the exorbitant real estate development and management costs and warned that these issues would escalate under Mamdani’s leadership.

Following his election, Mamdani promised to swiftly implement his campaign pledges, which include freezing rents in rent-stabilised apartments, offering free bus services, establishing a universal free childcare programme for children aged 6 months to 5 years, and opening five city-owned grocery stores, one in each borough.

Regarding the rent freeze, Sternlicht told CNBC, “Projects over $100 m

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