The industry responds
Shortly after the race was called, Real Estate Board of New York President Jim Whelan congratulated Mamdani.
“REBNY is prepared to work with the next mayor to address the issue of housing affordability and other challenges facing our city,” he said in a statement.
Whelan previously said his organization will work closely with Mamdani if he is elected. That comment came even as some of REBNY’s members donated heavily to efforts to prevent Mamdani from being elected.
Kenny Burgos, a former colleague of Mamdani’s in the state Assembly and current CEO of the New York Apartment Association, which represents rent-stabilized landlords, also congratulated the new mayor. But he said that the city can’t deliver affordability by destroying rent-stabilized housing, echoing concerns that freezing rents will further deteriorate this housing stock.
“Thousands of buildings are in deep fiscal distress and bankruptcies are growing,” he said. “If nothing is done, the city will lose this vital housing forever.”