The Wall Street Journal (reposted on Realtor.com) is reporting that a pledged rent freeze by New York City Mayoral candidate Zohran Mamdani is “rattling” mom & pop landlords – who often own small apartment buildings and say the Mamdani’s housing policy could damage their businesses. New York City will elect a new mayor this November.
“The mayoral primary was the nail in the coffin…It would be the kiss of death if he won.” Said Paul Rahimian, chief executive officer and founder of Parkview Financial, a commercial real-estate lender.
Since the pandemic, the city’s small landlords have faced higher inflation and steeper interest rates. Some say they collect rent that barely covers their monthly expenses and are lucky to break even. If they have enough capital, owners planning to revitalize spaces are often stalled by city-issued work permits that can take months to acquire.
Click here to read the full story at Realtor.com
Click here to read the full story at the Wall Street Journal.
