Developers Prepare For A Democratic Socialist Mayor
The chair of Herrick's Land Use and Zoning group, Mitch Korbey, spoke to Law360 Real Estate Authority about the immediate reaction to the election of Zohran Mamdani to NYC Mayor and how real estate developers are searching for common ground with the incoming administration.
The article notes that attorneys who advise developers are closely monitoring appointments in the new administration as an indication of how hostile or accommodating a Mamdani city hall would be. Mitch said to Law360 that his developer clients are looking for "continuity in appointments."
"What they're hoping is that [New York City Department of City Planning Director Dan Garodnick] stays on as planning commissioner or deputy mayor, that [Housing, Preservation and Development] acting Commissioner Ahmed Tigani stays on," Mitch said.
The article adds that current New York Mayor Eric Adams' real estate policies, including numerous rezonings and a transformative update to the zoning amendment that makes it easier to build housing, have been popular with real estate developers and advocates for more affordable housing alike. "There's an untold story of the success of real estate and housing policy in the Adams administration," Mitch said. "Folks are hoping that momentum will continue."
While it is impossible to predict how effective Mamdani will be at implementing his housing agenda, ballot proposals that voters approved on Tuesday will most certainly change the way housing is built across the city. The four housing-related proposals, which were put forward by the outgoing administration, focus on improving the processes for building housing, and making it easier to build affordable housing.
"They could have a transformative effect, and his not taking a stand speaks volumes because it suggests he'll be hands off and let the voters make the decisions, recognizing a need to remove from politics these decisions," Korbey said.
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