Billionaire investor Barry Sternlicht stirred a row after saying that New York City could “turn into Mumbai” under newly elected mayor Zohran Mamdani ’s proposed rent-freeze and housing policies. Sternlicht is one of America’s most prominent real estate figures. He said Mamdani's influence in America's richest city could trigger rent defaults and drive investors out. Mamdani, a democratic socialist, has pushed for policies aimed at taxing the rich — proposals that have not been well received by New York City’s wealthy residents. “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

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