New York real estate moguls are sparing no financial support to ensure the election of current Mayor Eric Adams, who is running as an independent in the New York City mayoral general election scheduled for Nov. 5.
This is influenced by the perception in the industry that they must prevent the election of the Democratic mayoral candidate promoting socialist-leaning policies.
On the 8th (local time), the Wall Street Journal (WSJ) reported, “Key figures in New York's real estate industry are sparing no expense or support to aid the reelection campaign of incumbent Mayor Adams,” noting, “They are engaged in a battle to stop Democratic mayoral candidate Mami Dany, who advocates for rent freezes to solve the city's housing crisis.”
Recently, fundraising events for Adams are being held across New York, hosted by real estate moguls. Mark Holliday, CEO of New York-based real estate investment trust SL Green, will host a fundraising event for Adams on the 9th at one of his office buildings, One Madison. The event is expected to be attended by dozens of figures in New York's real estate industry.
On the 5th, influential couple Kenneth and Maria Pichel co-hosted a fundraising event for Adams in the Hamptons, alongside New York City billionaires John and Margo Catsimatidis, and real estate investor Jared Epstein. Epstein is reportedly planning another event for Adams in September.
Noble Black, a luxury real estate broker in New York City, said, “There will be many such fundraising events,” adding, “It shows how many wealthy individuals are rallying to stop Mami Dany.”
The New York real estate industry is concerned about the election of Mami Dany, who is regarded as a 'socialist.' Dany has pledged to freeze rents on approximately 1 million public dwellings and raise taxes on wealthy individuals and corporations.
Since New York is referred to as a 'Democratic stronghold,' there is a high likelihood that Dany will succeed in the general election, but concerns are growing that his policies will be unfavorable to real estate developers.
Danny Fishman, CEO of Gaia Real Estate, said, “A Dany administration will be a death sentence for this city.”
Given that it is a Democratic stronghold, the New York real estate industry initially supported former New York Governor Andrew Cuomo (68) through the Democratic primary.
The real estate industry reportedly spent millions of dollars officially for Cuomo's primary election campaign. Although Cuomo still has the possibility of running as a third-party candidate after losing to Dany in the Democratic primary, the real estate industry has turned its gaze towards the certain candidate, Adams.
Adams' real estate policies are receiving praise in the industry. He has set a goal to construct approximately 80,000 new dwellings over the next 15 years and has pushed for zoning and other policy changes to facilitate more housing construction.
Unlike Dany, who supports rent freezes, the New York City Rent Guidelines Board under Adams approved a minimum 3% rent increase last month. Adams has sparked controversy over corruption allegations and 'pro-Trump movements,' but the real estate industry regards him as the best alternative to stop Dany.
WSJ noted, “The backlash from the real estate industry demonstrates that Dany will have a difficult road ahead if he wants to win over the city's broader business sector, particularly its leaders,” adding, “So far, Dany has failed to garner support from developers, and industry leaders still hold deep skepticism regarding him.”