July 13, 2025
If you’re in real estate, you already know that mayoral elections in NYC aren’t just about politics — they’re about policy. And this year’s primary on June 24 is shaping up to be one of the most pivotal races in recent memory.
With ranked-choice voting, independent candidacy threats, and massive ideological divides, the stakes are high — especially for developers, landlords, and anyone with skin in the real estate game.
Let’s break down what each of the top candidates means for our industry.
Former Governor Andrew Cuomo is leading in the polls and has picked up where Mayor Eric Adams left off with real estate backing. His record includes large-scale infrastructure upgrades like LaGuardia and Moynihan Train Hall and a complicated legacy on housing law (remember the 2019 rent reforms?).
What it means for us: Cuomo is pro-development, plain and simple. He wants to build or preserve 500,000 units, speed up permitting, allow rezonings, bring warehoused apartments back online, and partner with faith-based landowners. He's also open to strengthening tenant protections but stops short of Mamdani-style rent freezes.
Real estate donors have opened the floodgates, with names like RXR, Rockrose, Shvo, and even Bloomberg and DoorDash funneling serious money into his IE, Fix The City.
On the opposite end is Assemblyman Zohran Mamdani — a Democratic Socialist who’s made his position on landlords and developers very clear.
What it means for us: Expect a rent freeze, $70B in borrowed funds for social housing, and city intervention in cases of “neglectful” landlords. He’s calling for publicly built, permanently affordable, rent-stabilized housing — at a scale not seen before in NYC.
Mamdani’s grassroots-funded campaign hit contribution caps without a dollar from the industry. If elected, he’d likely bring a major regulatory shift to property owners, especially in rent-stabilized and low-income housing.
As comptroller, Lander is familiar with the inefficiencies in the city’s construction and infrastructure processes. He was instrumental in Gowanus’ rezoning, which many developers benefited from.
What it means for us: Lander also wants 500,000 new homes, but he’s focused on city-owned land — including vacant hotels and even golf courses. He supports a one-year rent freeze and wants to reduce reliance on federal dollars, with a "housing first" approach to homelessness.
He’s not backed heavily by the real estate industry, but his platform leans progressive with just enough pragmatism to make deals still feel possible.
Speaker Adrienne Adams comes with less name recognition but deep policy experience. She helped tweak the City of Yes zoning proposals and is actively suing to expand housing voucher access.
What it means for us: She’s proposing $4B in housing capital, $500M for NYCHA, and incentives for owners of rent-stabilized properties to revive dilapidated units. She supports less-than-a-year rent freezes, signaling a more balanced take than her progressive counterparts.
She entered the race late, with modest industry donations, but her experience at City Council gives her the tools to navigate complex housing reform.
Stringer is aiming for redemption after his 2021 scandal. He’s focused on turning city-owned and neglected private properties into affordable housing, especially through MWBE and nonprofit developers.
What it means for us: He’s advocating for $40B in NYCHA repairs and a one-year rent freeze. He may appeal to more community-minded investors and developers but offers fewer incentives for private-market-driven builders.
From a real estate standpoint, Cuomo offers the most pro-development stance with real traction. Mamdani, however, is surging on grassroots energy and could drastically shift the landscape if elected. The others, like Lander and Adams, offer versions of a more balanced housing strategy that still includes plenty of regulation.
For developers, brokers, investors, and landlords, this election isn’t one to sit out. Whether you're watching zoning reforms, rent regulations, or housing subsidies, the next mayor will shape what NYC real estate looks like for years to come.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
