Socialism has never worked historically, and with Mayor Zohran Mamdani’s socialist agenda and rent freeze plan, which will cripple the housing market, New York City will turn into Mumbai, warned billionaire investor Barry Sternlicht in an interview with CNBC. He said Mamdani’s plans are driving developers out of the city. Advertisement

The Chairman and CEO of Starwood Capital Group said Mamdani’s plan to freeze rents because incomes have stagnated will trigger a chain reaction of non-payment.

"Over $100 million, every project in New York has to go union, and it’s super expensive. It leads to extremely expensive housing. And other developers have tried to cut deals with the unions, but they rule New York, and that’s one of the key reasons the blue states are so expensive and they’re so d

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