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'Turning NYC Into Mumbai': Billionaire Barry Sternlicht Blasts Mamdani’s Policies As Anti-Business
'Turning NYC Into Mumbai': Billionaire Barry Sternlicht Blasts Mamdani’s Policies As Anti-Business
New York City is bracing for a challenging period under mayor-elect Zohran Mamdani, according to real estate billionaire Barry Sternlicht, who is contemplating relocating his team out of the city. The CEO of Starwood Capital Group criticised New York's trade unions for the exorbitant real estate development and management costs and warned that these issues would escalate under Mamdani's leadership.
Following his election, Mamdani promised to swiftly implement his campaign pledges, which include freezing rents in rent-stabilised apartments, offering free bus services, establishing a universal free childcare programme for children aged 6 months to 5 years, and opening five city-owned grocery stores, one in each borough.
Regarding the rent freeze, Sternlicht told CNBC, “Projects over $100 million in New York must use union labour, which is extremely costly and results in very expensive housing."
Starwood Capital Group, Sternlicht's company, holds both commercial and residential properties and partnerships in New York.
Sternlicht noted that other developers have attempted deals with the unions, but the unions dominate New York, making blue states expensive and hindering the addition of housing supply.
Commenting on Mamdani's housing policy, Sternlicht said, “The far left believes tenants shouldn't have to pay. If tenants don't pay and can't be evicted, others will follow suit, leading to economic chaos similar to Mumbai."
Sternlicht acknowledged that Mamdani is addressing the city's core issues. He stated, “We need more housing, but achieving this requires significant government subsidies if they want us to work with unions. Unions must be more flexible with their work laws and wages; otherwise, economic growth is impossible."
Public Safety in New York Sternlicht also expressed concerns about public safety under Mamdani, who faced criticism during his campaign for previous calls to “Defund the Police."
“If parents feel their children are unsafe, they will withdraw them from school and leave the city. If Mamdani reduces police funding or fails to respect and honour them, the city will face severe difficulties," Sternlicht warned, revealing that his company is already considering relocating from Midtown Manhattan.
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“Perhaps Mamdani will learn from history. Maybe the voters won't realise that socialism has never succeeded anywhere on Earth," he added.
Mamdani, New York's first Muslim mayor-elect and the first of South Asian descent, garnered support from a diverse array of voters in the city and won four out of the city's five boroughs.
Source: News18
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