The stunning ascent of Zohran Mamdani, a once little-known state assemblyman who pulled off a surprise win in the Democratic primary to become New York City’s leading mayoral contender, is shaking up the commercial real estate world.
Mamdani has built his campaign around progressive policies that directly challenge the city’s property establishment. He supports stronger rent controls in a market dominated by landlords, advocates for city-led affordable housing construction, and proposes major tax increases including raising the corporate tax rate by more than 50% and hiking taxes on individuals earning over $1 million annually.
Those positions have sparked unease among property investors and developers across the five boroughs. “The fear is real,” said Jeff Gural, chairman of GPF Real Estate – the firm behind Manhattan’s iconic Flatiron Building. “He has no experience, and you’re going to have him running the biggest city in America. That’s risky, no matter what his policies are. Socialism doesn’t work anywhere in the world.”
Yet even critics admit Mamdani’s message resonates. Gural, who recently met with the 33-year-old candidate, described him as “charming” and persuasive. “He makes a good point that income inequality is a real problem,” Gural acknowledged. “No question about it, I agree with him on that.”
