August 12, 2025
If there’s one thing New York’s business and real estate elite won’t do, it’s sit on the sidelines when their interests are threatened. That’s become increasingly clear following the stunning primary victory of Zohran Mamdani, a candidate who has made no secret of his progressive agenda — rent freezes, increased corporate taxes, and a redistribution of city resources away from high-income neighborhoods.
In response, the city’s biggest names in real estate are doubling down on their support for current Mayor Eric Adams. Over the July 4 weekend, the Hamptons became the backdrop for an elite fundraiser hosted by Renaissance Properties’ Kenneth and Maria Fishel.
The guest list read like a who’s who of NYC’s power players: billionaire John Catsimatidis, developer Jared Epstein, and over 100 other top-tier business figures showed up to put their money behind Adams’ reelection.
As the real estate market in NYC continues to be shaped by legislation, leadership has never mattered more. From streamlining development approvals to resisting extreme rent controls, Adams has positioned himself as the candidate willing to work with — not against — the real estate community.
While Mamdani’s promises might win over renters, they’ve set off alarm bells for landlords, developers, and investors who fear being priced out of their own industry.
This isn’t just about fundraising — it’s about preserving the city’s economic engine. The message from donors is clear: Adams is not perfect, but he’s a leader focused on measurable outcomes, not political slogans.
And with several more high-profile events on the calendar, including a fundraiser hosted by SL Green CEO Marc Holliday, it’s safe to say the real estate industry is all in.
More interestingly, these aren’t just old-school events with tuxedos and steak dinners. Jared Epstein, for example, is targeting younger voters through influencers and social media campaigns, using his own Hamptons home to organize private discussions with high-impact donors.
Real estate families like the Gindis, Cayres, and Rovts — all long-time NYC property holders — have also stepped up with campaign contributions. And major entities like Madison Square Garden Entertainment and the Real Estate Board of New York are backing Adams through intermediaries, further strengthening his financial standing.
As a real estate professional, I’ll say this: politics matter. The policies enacted at City Hall directly impact your property values, your ability to build, your rent roll, and ultimately, your livelihood.
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Whether you're a small landlord in Queens or running a major development in Midtown, it’s important to pay attention — because the market doesn’t just react to interest rates or inventory. It reacts to leadership.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
