When it comes to the mayoral race, real estate seems safe.
Still, progressive ideals from left-wing candidates like Dianne Morales resonate with many New Yorkers. That might not be enough to propel her or even the race’s progressive standard bearer, Maya Wiley, into Gracie Mansion, but the industry still considers these positions to be a threat.
That doesn’t have to be the case, Morales suggested.
“I’m not demonizing the real estate industry,” Morales said in an interview with The Real Deal.
And she clearly understands the importance of homeownership to people of color, noting that it is often “the only means towards any kind of wealth building” in their communities.
However, many of her takes won’t tick any boxes for real estate. Morales spoke of giving communities more say in rezonings, raising taxes on vacant property, limiting rents on small businesses, mandating affordability, and taking profit out of development, among other issues. She blamed “the model of speculative housing” for gentrification.
Whether the industry likes them or not, Morales’ ideals have gained strength, particularly among younger voters.
What might a changing progressive tide mean for real estate? Watch the interview above for a hint.