We are (less than) one week away from voting for a new mayor. Here’s what you need to know.
The last few months have been packed with twists and turns in New York City’s mayoral race. Mayor Eric Adams dropped his reelection bid last month and then endorsed Andrew Cuomo. Republican Curtis Sliwa refused to exit the race, despite prodding from some of his closest allies (including his boss at WABC radio, John Catsimatidis).
Candidates have discussed their positions on various issues and made their case to voters.
Here’s a recap of where the candidates stand on key housing and real estate-related issues:
Housing goals
Zohran Mamdani: 200,000 new units over 10 years. He wants to add $70 billion to the city’s 10-year capital plan, raising the additional funds on the municipal bond market. Doing so would require state lawmakers to sign off on lifting the cap on how much debt the city can issue. He also wants to expand the city’s programs for financing low-income housing for seniors and housing for low- and extremely-low-income families.
Andrew Cuomo: 500,000, built or preserved, over 10 years. He has also said that within his first 100 days as mayor, he wants the Battery Park City Authority to bond out $1.5 billion, the value of the increase in Brookfield’s ground lease rent payments at Brookfield Place. He also wants the New York City Retirement Systems to increase its investments in affordable housing.
Curtis Sliwa: He hasn’t released a unit target and has derided the Adams administration’s City of Yes for Housing Opportunity. His housing plan focuses on getting tens of thousands of vacant rent-stabilized apartments back online and on converting vacant office space into housing.
Rent freeze
Mamdani: Approves and has promised to freeze rents for stabilized apartments for four years. This plan is complicated by reports that Mayor Eric Adams plans to appoint six new members to the Rent Guidelines Board before leaving office. Board appointees serve between two- and four-year terms, while the mayor can remove the body’s chair at any time.
Mamdani told Hell Gate that despite these appointments, he’s still confident that he can deliver on his promise — though he didn’t specify how, other than saying that he plans to use his power as mayor.
Cuomo: Disapproves. During the final mayoral debate, he called Mamdani’s promise “political blather.” He has also pitched new rules (which would need state approval) that would limit who can occupy stabilized apartments after they become vacant. Under the rules (dubbed Zohran’s Law in a nod to the fact that he lives in a stabilized apartment), when a regulated apartment becomes vacant, a landlord can only rent to someone who would spend at least 30 percent of their income on rent. Both tenant and landlord groups have criticized the proposal.
Sliwa: Disapproves and thinks large landlords should pay a vacancy tax for stabilized units.
Housing ballot measures:
Mamdani: Hasn’t publicly taken a position. Supporting the measures threatens to alienate the City Council and major unions that have endorsed his campaign.
Cuomo: Supports
Sliwa: Opposes, calling the proposals “City of Yes on steroids.”
The fate of the Elizabeth Street Garden
Mamdani: Supports housing on the site. He told Hell Gate that he would evict the garden during his first year as mayor.
Cuomo: Would leave the garden in place. He posted on X on Tuesday that he would save “this precious garden” and deliver affordable housing elsewhere.
Sliwa: Has long opposed developing the site.
Local Law 97
Mamdani: Wants to eliminate the application fees for the property tax break J-51 and to extend the incentive to help property owners pay for upgrades. Property owners have criticized the latest iteration of the program, which expires next year, saying that it doesn’t provide an adequate benefit. Mamdani also wants the city to procure heat pumps and other green technology in bulk, so that property owners can buy them at affordable prices.
Cuomo: Thinks the city needs to better phase in the law’s requirements to address the fact that some property owners believe they are better off paying the fine for failing to comply rather than paying to upgrade their buildings.
Sliwa: “Totally opposed” to the law.
Property tax reform
Mamdani: Supports comprehensive reform and noted at an event this month that Tax Equity Now New York’s legal challenge to NYC’s property tax system could offer a path forward.
Cuomo: Thinks TENNY’s lawsuit is likely the only way that reform will happen.
Sliwa: Supports reform that lowers burden on multifamily buildings. His website indicates that he would “create a fairer and more consistent assessment system that promotes transparency and predictability without punishing any class of property owner.” It is unclear how.
What we’re thinking about: City Council committees will vote on the Long Island City rezoning on Wednesday. Council member Julie Won’s team wouldn’t say on Tuesday if she has reached a deal with the administration, but an alert for tomorrow’s votes reiterated that she would not vote yes unless the city makes a number of commitments. Where does this rezoning stand? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: This month, it seemed that a bill to set a construction wage floor for certain housing projects that receive public financing was heading to a vote this week. That isn’t happening. Council member Carmen De La Rosa, the bill’s sponsor, is in talks with the Department of Housing Preservation and Development on the measure. The agency testified during a hearing last year that the bill would cost $500 million if the city were to maintain its current level of housing production.
Elsewhere in New York…
— Comptroller Brad Lander is planning to challenge Rep. Dan Goldman next year, City & State reports. Council member Alexa Avilés also plans to run for the seat in New York’s 10th Congressional District.
— Gov. Kathy Hochul is considering allocating state funds to send schoolchildren home with meals if food stamps are not sent out as scheduled on Nov. 1, Gothamist reports. The Trump administration has said that Supplemental Nutrition Assistance Program, or SNAP, benefits will not be distributed on time due to the federal government shutdown.
— Attorneys for President Trump filed a 96-page appeal on Tuesday, seeking to overturn his criminal conviction in New York on charges that he approved a scheme to falsify business records to hide hush-money payments to porn star Stormy Daniels, the New York Times reports. Trump’s legal team argues that the trial was “fatally marred.”
Closing Time
Residential: The top residential deal recorded Tuesday was $46.8 million for a 6,942-square-foot, sponsor-sale condominium unit at 50 West 66th Street in Lincoln Square.
Commercial: The top commercial deal recorded was $5.9 million for a 3,659-square-foot ground-floor retail space at 388 West Broadway in Soho.
New to the Market: The highest price for a residential property hitting the market was $16.8 million for a 7,190-square-foot condo unit at 1355 First Avenue in Lenox Hill. Stacey Alvarez with Compass is the listing agent.
Breaking Ground: The largest new building permit filed was for a proposed 10,078-square-foot, eight-unit residential building at 79 Winthrop Street in Prospect Lefferts Gardens. The developer on the project is Aviad Rave of NextDoor Properties.
— Matthew Elo