How NYC’s next mayor will shape housing in the city

Housing policy has taken center stage in New York City’s mayoral race, with the Democratic primary just days away. 

Former Gov. Andrew Cuomo and Assembly member Zohran Mamdani have pulled ahead in the polls, backed by vastly different visions for how the city should tackle its housing crisis. 

Cuomo, bankrolled with millions from real estate-linked super PACs, is presenting himself as the steady hand ready to cut through bureaucracy. His housing plan leans on repurposing city-owned land, converting office buildings and letting religious institutions build on underused lots. But he avoids politically thorny issues like parking mandates and upzoning affluent areas — moves that could unlock real housing growth but rile his base. His relationship with the construction unions raises questions about whether he’d really take on wage floors that stall development.

Mamdani, by contrast, wants a radical reshaping of the city’s housing landscape — promising $100 billion in social housing and pledging to freeze rents for stabilized tenants. It’s a vision that thrills the far left but raises serious concern for the industry. And yet, Mamdani’s recent statements suggest he’s moderating — acknowledging that the private sector has a role to play. Whether that pivot is genuine or just smart politics remains to be seen.

Other candidates — Brad Lander, Zellnor Myrie, Adrienne Adams, and Scott Stringer — have surfaced ambitious ideas, from rezoning Midtown to building on city golf courses. Myrie’s plan, in particular, may be the boldest, calling for 700,000 new homes, but his campaign hasn’t caught fire.

Myrie is pushing for large-scale Midtown rezonings and preservation of 300,000 units. Unlike Mamdani, he accepts industry donations and sees developers as key partners in solving the housing crisis.

Lander, who made headlines last week after his arrest by ICE agents, leans on his track record, pointing to the Gowanus rezoning and his role in preserving 50,000 units as comptroller. He’s calling for 500,000 new homes — some on city-run golf courses — and wants to let diverse panels of New Yorkers help fast-track projects. He distances himself from real estate donors but says developers should be at the table.

Adrienne Adams points to what she’s already done, from passing City of Yes to delivering $8 billion in housing funding. Her platform includes building on city-owned sites, reforming the state’s environmental review law, and upzoning with an equity lens. She’s industry-friendly but insists on balancing growth with public interest.

Stringer says the others are dreaming too big. His more modest plan — 20,000 new homes in five years — relies on public land, minority- and women-owned developers and nonprofits. He argues that deep experience and a realistic approach beat lofty goals and shaky math.

Whoever wins, they’ll inherit a housing crisis that can’t be solved without the industry. 

Polls are open on Tuesday from 6 a.m. to 9 p.m., so don’t forget to vote! 

There was plenty of other news to get into this week. Boruch Drillman avoided prison time for his role in a mortgage fraud scheme, Oren Alexander sold his Miami Beach mansion, and the Pacific Palisades is facing a significant drop in land values. 

No prison for Boruch Drillman in mortgage fraud scheme

Boruch Drillman avoided prison time for his role in a $165 million mortgage fraud scheme, receiving five years’ probation thanks to his early cooperation, genuine remorse and health issues. Drillman helped prosecutors unravel a complex scam that used inflated sale prices and fake closings to secure outsized loans from JPMorgan, Fannie Mae and others.

Oren Alexander sells his waterfront Sunset Islands mansion for $52M

Oren Alexander and his wife sold their waterfront Miami Beach mansion for $51.5 million, as the disgraced broker sits in jail awaiting trial for federal sex trafficking charges. The Alexanders have been quietly shopping some of their properties for months after sources first told The Real Deal in February that patriarch Shlomy was showing Oren’s home. 

Palisades values free fall “not even close” to hitting bottom

Pacific Palisades land values have plummeted by up to 40 percent since the January wildfires, but experts warn the market hasn’t hit bottom yet. Based on new listings this spring, veteran broker Anthony Marguleas projected the bottom would be some time in the summer, but a recent slowdown could drag out the buyer’s market far longer than expected.

Gary Barnett reveals plans for Upper West Side supertall at former Disney campus

Gary Barnett is pitching a 1,200-foot residential tower on the former ABC campus, offering over 100 affordable housing units in smaller buildings to gain community support and avoid legal battles. Barnett is aiming to avoid the fierce opposition he faced with the controversial 775-foot condo tower across the street, offering the affordable units in exchange for “peace” with locals.

Year in review: Cash-flow positive Compass faces resi headwinds

Could Compass be suffering under the weight of its own expectations? The firm spent much of its first cash-flow positive year buying up competitors and duking it out with major industry players over private listings, generating positive headlines and stock moves for its financial and strategic wins. But while Compass continued to improve many of its key operating metrics, the company’s ability to return on its massive investment remains unclear.

Shaya Prager hit with fourth foreclosure at Midwest office complex

Shaya Prager is facing his fourth foreclosure suit tied to a troubled Minneapolis office campus, adding to a growing list of legal battles totaling over $190 million in defaulted loans. MidWestOne Bank alleges Prager defaulted on $36.8 million in mortgages tied to the ground lease of 8300 Tower, part of the Normandale Lake Office Park he bought for $366 million in 2022.

Times Square building back in special servicing despite recent lifeline

Despite securing a loan extension just last year, 1440 Broadway is back in special servicing — another blow to the beleaguered Times Square office market. The $399 million loan behind the property was modified last year, pushing its maturity to October 2025 and triggering a valuation drop from $595 million to $320 million.

Gaming streamer Adin Ross pays record $26M for 10-acre Davie estate

A massive estate in Davie sold for $25.5 million, marking a record for home sales in the western Broward County town. Adin Ross, a 24-year-old internet personality and gaming streamer, bought the home via an LLC. The sellers were aerospace moguls Laurent and Laure Parelle.