News Summary
Jim Whelan, president of the Real Estate Board of New York, expresses willingness to work with Democratic socialist mayoral candidate Zohran Mamdani. Despite differing viewpoints on housing policy, both leaders agree on issues like upzoning for higher-density housing and expanding low-income rental vouchers. As Mamdani leads in polling ahead of the election, Whelan aims for cooperation but firmly opposes any proposed tax increases. The election outcome could reshape the landscape of affordable housing and real estate in New York City, raising significant public interest.
New York City – Jim Whelan, the president of the Real Estate Board of New York (REBNY), has indicated a willingness to collaborate with Democratic socialist mayoral front-runner Zohran Mamdani, despite significant differences in their approaches to housing and fiscal policy. Speaking at a recent event, Whelan acknowledged the likelihood of Mamdani’s victory on November 4, a sentiment not shared by all in the real estate sector.
During the event, Whelan revealed that he has had discussions with Mamdani and REBNY board chair Jed Walentas, describing Mamdani as “personable” and “a very good listener.” Both leaders seem to agree on several key areas including the need to upzone neighborhoods to allow for higher-density housing, the expansion of low-income rental vouchers, and the necessity of fully staffing city agencies. However, they hold opposing views on Mamdani’s proposal to freeze rents for all stabilized apartments, which Whelan believes could worsen existing stresses in the housing market.
Current polling suggests Mamdani is leading former governor Andrew Cuomo, who has fallen to a distant second. Whelan expressed confidence in the election results, stating that there is no reason to doubt the polling data. Looking ahead, he remains positive about potential outcomes over the next four years, particularly as progressive leaders increasingly acknowledge the necessity of increasing housing supply in order to bring down costs.
Whelan also commented on the construction costs of new units, pushing back against Mamdani’s claim that a single union-built apartment costs $500,000. He noted that the actual cost is closer to $1 million, creating a challenge for the incoming mayor. Furthermore, Whelan stated that discussions around wage policy would be essential, as wage levels play a significant role in affordability challenges in New York City.
Despite his readiness to collaborate, Whelan confirmed that REBNY will oppose any tax increases that could arise from Mamdani’s campaign proposals, which include significant adjustments to New York’s corporate tax rate and the introduction of an income tax for high earners. These changes would require legislative approval, which may not be easily attainable.
The business community has reacted strongly to Mamdani’s rise in popularity. Following his victory over Cuomo in the Democratic primary, prominent corporate leaders voiced their concerns, and real estate executives are reportedly hoping that the current mayor, Eric Adams, can help slow Mamdani’s momentum. Whelan refrained from endorsing either candidate, emphasizing that voters must choose between practical solutions and more radical approaches to address pressing city issues.
Mamdani’s ambitious platform includes the goal of constructing 200,000 new units of affordable housing within the next decade. However, he faces criticism over his proposals to reform property taxes, which some wealthier neighborhoods believe would unfairly target them. Also, his commitment not to raise rents in rent-regulated housing has sparked caution from landlords, who warn that such policies may compromise the viability of their buildings.
As Mamdani progresses towards the potential mayoralty, he will face significant challenges, especially concerning potential opposition from the City Council in response to housing regulation and zoning proposals. Both candidates must navigate an intricate landscape of policy discussions and public opinion as the election draws nearer.
Deeper Dive: News & Info About This Topic
HERE Resources
New York City Sees Surge in Construction Permits
Yechiel Newhouse Acquires Major Bronx Real Estate Portfolio
New York Business Leaders Express Concerns About Economic Challenges
Optimism in New York City’s Real Estate Market Amid Rate Cuts
Students Explore Careers in Construction Trades at Showcase
Aetna Realty Acquires Properties in Hell’s Kitchen for $18 Million
Gigabit Fiber Secures Investment to Enhance Digital Infrastructure
Mukesh Ambani Invests $17.4 Million in Tribeca Real Estate
Mukesh Ambani Acquires $17.4 Million Building in Tribeca
UBS Considers Relocation to the US Amid Regulatory Changes
Additional Resources
- The Real Deal: Whelan on Mamdani
- Crain’s New York: REBNY to Work with Mamdani
- The New York Times: Mamdani’s Donors
- Crain’s New York: Mamdani’s Mayoral Upset
- Bisnow: NYC CRE Reeling After Mamdani
- Wikipedia: New York City
- Google Search: Zohran Mamdani
- Google Scholar: NYC Housing Policy
- Encyclopedia Britannica: New York Politics
- Google News: NYC Mayoral Election 2025
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
