The story so far:
New Yorkers have decided who will succeed Mayor Eric Adams at Gracie Mansion.
And at 9:40 p.m., Democratic nominee Zohran Mamdani was declared the winner.
Mamdani will be the city’s youngest mayor since 1917. He has promised to freeze rents for stabilized units and wants the state to increase taxes on New York’s highest earners to help pay for an agenda that includes building 200,000 homes, enacting universal childcare and making city buses free.
For the real estate industry, this election means losing a mayor who repeatedly painted himself as an ally, promoting policies that would pave the way for development and even recalling his own experience as a residential broker.
In the lead-up to the primary, the real estate industry largely rallied behind Andrew Cuomo, pouring millions into political action committees that supported the former governor and/or paid for ads attacking Mamdani.
How the industry reacted to Mamdani’s primary win almost mirrors the stages of grief.
Many were shocked at his June win, frustrated at how Cuomo handled his campaign and some eventually even came around to accepting that Mamdani would win in November and focused on ways they could work with him. Others called emergency meetings to strategize for a Mamdani defeat and continued to donate money to Cuomo’s cause. They also fruitlessly hoped that Republican Curtis Sliwa would drop out of the race to give Cuomo a better chance.
Along with the next mayor, New Yorkers approved three controversial housing-related ballot questions. Two will create processes that avoid City Council review for some housing projects, and another will establish an appeals board that could overrule Council decisions on projects.
Other contests included the city’s next comptroller, borough presidents and City Council members, though few of those races are considered competitive.
Polls closed at 9 p.m. Below are more detailed updates.