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FOX Business’ Madison Alworth joins ‘Varney & Co.’ to break down Zohran Mamdani\u2019s housing plan as critics warn regulations and property seizure threats could drive capital from NYC.<\/p>\n
A New York business leader is warning that New York City Mayor Zohran Mamdani\u2019s proposed housing plan could drive developers and investors away from the city.<\/p>\n
FOX Business\u2019 Madison Alworth joined FOX Business\u2019 Stuart Varney on “Varney & Co.” to report on Mamdani\u2019s proposal to create 200,000 new affordable, rent-stabilized housing units and preserve another 200,000 over the next decade. The $22 billion plan would include $5.6 billion for the New York City Housing Authority and require wages of at least $40 per hour on affordable housing projects.<\/p>\n
New York City Mayor Zohran Mamdani delivers remarks about the fiscal year 2027 budget in New York. (Mostafa Bassim\/Anadolu \/ Getty Images)<\/p>\n
The proposal includes the possibility of the city taking legal action against negligent landlords and potentially transferring chronically neglected properties to nonprofits or community land trusts.<\/p>\n
Real estate and business leaders say they support the mayor\u2019s focus on expanding housing but remain concerned about provisions tied to the proposal, including wage mandates for affordable housing projects, according to Alworth.<\/p>\n
TAX FIGHT HEATS UP AS NEW YORK TARGETS WEALTHY HOMEOWNERS<\/p>\n
“Developers, the private investors, the people with capital, that they’re better off in other cities than the ones with huge amounts of regulation. And you’ve seen it. You’ve seen that all across the country,” Partnership for New York City President Steve Fulop said.\u00a0<\/p>\n
“New York City has a big housing shortage. It has a big opportunity to grow as well. But you got to be careful with regulation and government overreach,” Fulop continued.<\/p>\n
\u2018Varney & Co.\u2019 host Stuart Varney sounds the alarm over New York City Mayor Zohran Mamdani\u2019s housing proposal, arguing the tenant-focused plan unfairly targets landlords and threatens private property rights.<\/p>\n
Rep. Nicole Malliotakis, R-N.Y., also joined FOX Business\u2019 Stuart Varney to criticize the idea of the city taking a stronger role in property oversight, arguing that New York City has struggled to manage its own public housing stock.<\/p>\n
“New York City is actually the biggest slumlord in the city of New York,” Malliotakis said. “We have 350,000 people living in New York City housing authority projects\u2026 When you look at these facilities, there’s mold\u2026 leaks\u2026 rodents\u2026 roaches, there are all sorts of problems, not to mention real serious dangerous crime issues as well.”<\/p>\n
JAMIE DIMON TELLS NYC\u2019S MAMDANI TO \u2018GROW AND BUILD\u2019 OR WATCH MORE JOBS FLEE<\/p>\n
Malliotakis said the city should focus on improving existing public housing, cracking down on illegal conversions and encouraging more investment in housing stock, including housing for seniors and people with developmental disabilities.<\/p>\n
Rep. Nicole Malliotakis, R-N.Y., joins \u2018Varney & Co.\u2019 to sound off on Zohran Mamdani\u2019s housing agenda, rising crime and dangerous conditions in New York City public housing.<\/p>\n
“If he wants to encourage investment, he has to stop with these crazy regulations that make it impossible to be a homeowner or landlord or a property manager in this city,” Malliotakis said.<\/p>\n
At the same time, one progressive housing advocate praised the proposal.<\/p>\n
MAMDANI TAX BREAK PROPOSAL SPARKS FEARS AS BUSINESS LEADERS WARN OF \u2018FRAGILE\u2019 NYC ECONOMY<\/p>\n
“Mayor Mamdani\u2019s housing plan is what a progressive all-of-the-above housing plan looks like\u2026,” Open New York Executive Director Annemarie Gray said in a statement to the New York Post.<\/p>\n
Mamdani’s housing proposal takes center stage as New York City\u2019s median asking rent has climbed above $3,600, according to data cited by FOX Business\u2019 Madison Alworth.<\/p>\n
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#Business #leader #warns #Mamdani #housing #plan #drive #investors #NYC<\/p>\n","protected":false},"excerpt":{"rendered":"
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