Experts warn that Mamdani Rent Freeze could exacerbate the housing crisis in NYC

Experts warn New York City mayoral candidates Zoran Mamdani The proposed housing agenda could further strain the affordable prices of Big Apple rentals.

The plan aims to tackle the crisis of affordability and housing tag teams, including an immediate freeze on more than 2 million rental stabilized apartments.

“Economists – whether on the right or on the left, it’s essentially a universal agreement. When the government implements price control in the rental market, you’ll be in a housing shortage.”

Urban-owned grocery store, refund police: What you need to know about the next potential mayor of NYC

“And not only will there be fewer housing units available, but the quality of those units is consistently reduced,” Antoni told Fox Business.

Emily Hamilton, director of the urban projects at George Mason University’s Mercatus Center, reflects similar concerns about Mamdani’s housing policy platform.

“It will exacerbate the city’s housing quality issues, which are already worsening with the current rent stabilization law. A rent freeze will make that even worse and ultimately contribute to a decrease in the supply of rent stabilization units,” she said.

Mamdani’s Affordable Housing Pledge will vote on Monday night by the Rent Guidelines Committee to increase rent by 3% in apartments with rent stabilized on a one-year lease. The board also raised rents by 4.5% on units with two-year leases.

The rent increase is expected to take effect in October.

Mamdani public grocery stores could have devastating impacts on urban food supplies

According to a 2023 government report, rent stabilization units are New York City 41% of rental apartments. The report also shows that within the rent stabilization unit, the median monthly rent is about $500 less than market rate rentals.

Mamdani has previously denounced the board of directors, but he explains that he is handpicked by the current mayor of New York City. Eric Adams“9% (and count) rent for a stable apartment.”

Mamdani’s campaign did not respond to Fox Business’s request for comment for the purposes of this story.

Three term council members who made the cost-lowering New Yorkers a cornerstone of his campaign also proposed building 200,000 affordable housing units. Hamilton said this element of Mamdani’s platform shows the true potential for success.

She explained that passing the 1961 zoning resolution made it difficult to add real estate New York City has helped drive affordability issues and rent regulation.

EJ Antoni warns NYC about Mamdani’s “economically illiterate” policy

“It’s a regulation, not just a matter of addressing the underlying causes downstream of the home and making it easy to build all kinds of homes at all price points,” Hamilton said.

“The only way to see this economic agenda of his work in the long run is whether voters will see how disastrous the outcomes of his policies are and thereby decide to reject socialism as a whole and return to a free market capitalist solution,” Antoni said.

“If we look at the way New York City is more expensive than elsewhere around the country, it’s mainly due to bad public policies that have put those costs in place,” he said, adding, “Doubling these government failures only makes it worse.”

Mamdani also vowed to explain the landlord.

His campaign website outlines the improved 311 services that allow tenants to schedule and track maintenance requests.

Click here to get your FOX business on the go

“If the landlord refuses to repair, the city will do it and send a bill, and in the most extreme cases, when the owner shows consistent negligence of the tenant, the city will step in decisively through the property and manage the property,” the campaign site says.

Mamdani’s economic agenda for the nation’s largest cities also includes free bus rides, city-owned grocery stores and a minimum wage hike.