Who Real Estate is Supporting on Election Day

With Election Day just over a week away, real estate interests are closely watching mayoral races and ballot measures that could shape local markets for years to come.

From New York to Miami, developers, brokers and landlords are spreading their bets across candidates who promise growth, clarity and, ideally, predictability.

In New York City, what began as a crowded field has narrowed into a three-way fight where housing policy has become a defining issue. Zohran Mamdani, a Democratic Socialist who wants to freeze stabilized rents for four years, has rattled landlords and condo owners. Former Gov. Andrew Cuomo, running as an independent, is calling for tweaks to Local Law 97 and positioning himself as the pragmatist, and the clear favorite of the real estate world.

According to The Real Deal’s analysis, the industry has pumped about $12.4 million into the race, with roughly $11 million flowing through super PACs. Cuomo’s Fix the City PAC has drawn the lion’s share of that support (about $5.2 million) as major donors coalesce around a familiar ally. When Mayor Eric Adams exited the race last month, industry money rushed back to Cuomo, to the tune of $41,000 in just two days.

Still, Mamdani isn’t completely iced out. Affordable and nonprofit developers have quietly contributed, signaling they’re willing to work with him if he wins. Republican nominee Curtis Sliwa has pitched office-to-residential conversions as his main affordability plan, but with limited traction in the polls, most of the industry’s focus remains on the Cuomo–Mamdani showdown.

In Miami, the mayor’s race is a full-blown free-for-all, with 13 candidates vying to replace Francis Suarez. Top contenders, including Joe Carollo, Alex Diaz de la Portilla, Eileen Higgins and Xavier Suarez, are all drawing checks from the city’s development elite. Firms like Terra, Related Group and 13th Floor Investments are hedging their bets, donating to multiple campaigns at once. With Miami’s market under strain from high costs and political dysfunction, the city’s biggest players are seeking stability more than ideology.

In New Jersey, the race to replace Gov. Phil Murphy has the industry leaning red. Republican Jack Ciattarelli has raised about $1.3 million in real estate donations, which more than doubled Democrat Mikie Sherrill’s haul. The Adjmi, Chera and Cayre families are among Ciattarelli’s top backers, while the Dursts and Tisches are standing behind Sherrill. Real estate issues have been central in the election, as New Jersey is one of the most expensive states for housing and the most densely populated state in the country.

There aren’t any major mayoral races in Texas this cycle, but voters will weigh in on several real estate-related ballot measures. The biggest is Project Marvel, a $4 billion mixed-use development anchored by a new Spurs arena in San Antonio. Two local propositions would direct hotel and venue taxes toward the project, though polling shows mixed support and Mayor Gina Ortiz has questioned the team’s contribution. Statewide, measures include property tax relief for homeowners and seniors, a ban on any future inheritance tax and a proposal to protect “Y’all Street” by prohibiting taxes on financial transactions.

Out west, the 2026 California governor’s race is already a quiet proving ground for real estate influence. Former L.A. Mayor Antonio Villaraigosa leads the fundraising pack, drawing support from Related California’s Bill Witte, developer Joseph Moinian and broker Kurt Rappaport, many of whom applaud his skepticism of L.A.’s property transfer tax, Measure ULA.

There was plenty of other real estate news this week. Jared Kushner and Steve Witkoff pitched a $50B Gaza reconstruction, a Chicago investor turned on a longtime ally and a California firm related to Zions Bancorp’s stock tumble has ties to NYC real estate.

Kushner and Witkoff pitch Gaza reconstruction as $50B real estate play

Jared Kushner and Steve Witkoff are pitching Gaza’s reconstruction as a $50 billion real estate redevelopment, blending diplomacy with dealmaking. In a “60 Minutes” interview, the pair said they’re working with international partners on a master plan to rebuild housing and infrastructure destroyed in the war.

California firm related to Zions Bancorp’s stock tumble is also in NYC real estate

A California investor group tied to a regional bank stock tumble is also embroiled in a legal and financial mess on Manhattan’s Upper East Side. The Cantor Group affiliate, which owns 227 East 67th Street and 184 East 64th Street, is accused of refusing to close on a sale after a buyer put down a $1.2 million deposit for the pair of luxury rentals.

Vanbarton lands $280M refi for Sixth Ave tower

Vanbarton Group scored a $280 million refinance from Invesco for its Sixth Avenue tower, fresh off converting three former WeWork floors into apartments. The developer has emerged as one of New York’s most aggressive office-to-residential players, with more than 2,000 units in its pipeline across multiple Manhattan projects.

Live Local Act scorecard: 3K units completed, another 42K in the pipeline

Florida’s Live Local Act is starting to see results, with nearly 3,200 below-market rental units completed and another 43,000 in the pipeline as developers race to capitalize on the 2023 law’s incentives. The program lets builders bypass public hearings and go denser and taller in exchange for reserving 40 percent of units for renters earning up to 120 percent of the area median income.

Embattled Shai Wolkowicki sues former partner Mitch Goltz over $31M Evanston sale proceeds

Investor Shai Wolkowicki has sued his former GW Properties partner Mitch Goltz over $31 million in proceeds from the recent sale of Evanston’s Church Street Plaza, alleging Goltz diverted funds and made unauthorized distributions. The dispute comes amid Wolkowicki’s broader financial troubles with distressed Chicago multifamily projects, highlighting a bitter unraveling of a once-prolific retail development partnership.

Cracks in Billionaires’ Row tower expose high-stakes design gamble

Manhattan’s 432 Park Avenue, the slender supertall that helped define Billionaires’ Row, is facing a nine-figure repair bill as cracks and spalling concrete appear along its iconic white facade. Experts say the aesthetic choice for pristine white concrete may have compromised structural durability, leading to lawsuits between the condo board, Macklowe Properties, and CIM Group.

Uptown landlord Harwood quietly offloads nearly 1M-SF of office to TPG

Uptown Dallas developer Harwood International is selling nearly 1 million square feet of office space across four properties to TPG, following a year marked by foreclosures and financial distress. The sales include Harwood No. 2, 6, 7 and 10, totaling 892,000 square feet, while TPG also provides financing for Harwood’s upcoming No. 15 project.

Eli Karp’s troubled Flatbush development returns to lender

Eli Karp’s 1580 Nostrand Avenue has returned to lender Madison Realty Capital through a $70 million credit bid, marking another setback for the developer. The site, originally planned as a two-building luxury project called Hello Nostrand, was partially completed before litigation and financial troubles stalled construction.

“Home Improvement” star Patricia Richardson to List Brentwood home

The nineties sitcom star is listing her Brentwood estate for just under $10 million after nearly three decades, moving to a smaller L.A. condominium. Brentwood’s residential market has been surging this year, partly fueled by Palisades fire displacement and a wave of new retail and dining options.