After Zohran Mamdani’s victory following a campaign on a platform of making New York City more affordable, many are asking how housing developers will fare under the new administration. The mayor-elect’s appointment of Dean Fuleihan as first deputy mayor, an experienced public official with a strong budgetary and financial background, was likely viewed positively by many in the development community.
Mamdani’s commitment to increase housing production and affordability means that mixed-income developers need to identify ways to keep rents low and still turn a profit. That is never easy, but the good news is the first deputy mayor understands the arithmetic and knows that subsidizing affordability is essential. Several factors contribute to this necessity.
LINKS
Click the media link below to download a PDF of "Greater Housing Affordability Requires Subsidies," co-authored by Daniel G. Egers and Edward C. Wallace, published in amNY Law.