A growing number of property owners say they are putting their buildings up for sale as mayoral candidate Zohran Mamdani doubles down on his promise to freeze rents across New York City.
Mamdani, a democratic socialist who ran on a platform declaring housing a human right, made rent control the centerpiece of his campaign. Now, as his administration begins to take shape, that pledge is triggering fierce debate across the city’s already strained housing market.
Critics, warn that sweeping rent controls could further destabilize a market already under pressure from rising maintenance costs, higher interest rates, and aging housing stock. They argue that limiting rental income may leave small and mid-sized landlords unable to cover repairs, taxes, and financing — potentially leading to deferred maintenance, distressed sales, or reduced housing supply.
Humberto Lopes, founder of the Gotham Housing Alliance, says the reaction from property owners has been swift.
