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Real estate billionaire Barry Sternlicht has warned that New York City could face “a really tough time” under mayor-elect Zohran Mamdani, comparing the potential fallout of his policies to conditions in Mumbai.

In a sharp critique following Mamdani’s win, the Starwood Capital Group CEO said that high union costs and aggressive rent control measures could cripple the city’s property sector. “Over $100 million, every project in New York has to go union, and it’s super expensive. It leads to extremely expensive housing,” Sternlicht said in an interview with CNBC.

He added that while some developers have attempted to negotiate with unions, “they rule New York,” making it difficult and costly to increase housing supply. The billiona

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