Odd Lots Podcast Summary: The NYC Landlords Most Worried About Zohran Mamdani
Released on July 21, 2025
Introduction
In this episode of Bloomberg's Odd Lots, hosts Joe Weisenthal and Tracy Alloway delve into the pressing issue of housing affordability in New York City. Focusing on the implications of Zohran Mamdani's proposals, the episode features insights from Ben Carlos Typen, founder of Quantiera and a seasoned NYC landlord and broker. The discussion sheds light on the real estate industry's apprehensions, potential policy impacts, and future opportunities under Mamdani's administration.
Discussion on NYC Housing Affordability
Joe Weisenthal opens the conversation by contextualizing the significance of New York City's housing challenges, noting its global relevance. He highlights the city's severe housing unaffordability and parallels it with other booming cities facing similar issues.
Tracy Alloway emphasizes the broader implications, stating, "New York City has a shortage of housing... and that has implications for a lot of other cities" (02:21).
Zohran Mamdani's Proposals and Industry Concerns
The hosts pivot to Zohran Mamdani's recent proposals aimed at addressing housing affordability, including a controversial rent freeze on a significant portion of the housing stock. They seek to understand the potential business and economic ramifications of these policies.
Key Insights from Ben Carlos Typen
Ben Carlos Typen provides a nuanced perspective on the real estate industry's reaction to Mamdani. He draws parallels between Mamdani and former Mayor Bill de Blasio, noting, "the reaction to Mamdani is actually not that different from the reaction to Bill de Blasio eight years ago" (05:35). Typen explains that the primary concern among landlords and developers revolves around Mamdani's approach to city management, which he perceives as excluding their interests.
He further elaborates on the specific segments within the real estate industry that are most apprehensive:
- Rent Stabilized Landlords: "Rent stabilized landlords because, you know, Mamdani has pledged to freeze rents on rent stabilized apartments" (07:13).
- Large Developers: These entities rely on established relationships and influence within City Hall. Mamdani's streamlined policies threaten their traditional advantages.
Impact on Property Taxes and Development
The conversation shifts to New York City's complex property tax system, which disproportionately taxes multifamily and commercial properties compared to single-family homes. Typen explains, "Park Slope is way under taxed relative to a poorer neighborhood like Canarsie" (30:47). This disparity hampers housing production and increases operating costs for existing buildings.
Public vs. Private Sector Roles
Tracy Alloway probes into whether increased public sector involvement, such as an emphasis on public housing, might crowd out private development. Typen responds by asserting that while private investment might dip, beneficiaries would include market-rate landlords and affordable housing developers who align with Mamdani's policies.
Opportunities Amidst Policy Changes
Despite the challenges, Typen identifies potential opportunities arising from Mamdani's administration:
- Streamlined Development Processes: Smaller developers and informal builders may benefit from a more straightforward approval system.
- Affordable Housing Developers: Both for-profit and nonprofit developers specializing in affordable housing stand to gain from increased government subsidies and support.
He notes, "These groups... are taking a different approach than some other... trying to craft sort of a separate piece with the Mamdani administration" (15:33).
Labor and Construction Unions
The role of unionized labor in constructing affordable housing is another critical aspect discussed. Typen points out that while construction unions have not yet endorsed Mamdani, there is potential for collaboration to ensure that labor requirements do not hinder housing projects. He suggests, "There's an opportunity... to craft a piece between labor and developers" (17:57).
Media Narratives and Perceptions
The hosts explore how media narratives shape perceptions about tax flight and the real estate market. Typen argues that much of the negative sentiment is driven by PR and spin rather than factual economic analysis. He states, "Millionaire tax flight actually is largely a myth" (21:05).
Crime and Real Estate
Addressing concerns about rising crime rates, Typen emphasizes that maintaining public safety is crucial for sustaining property values and the broader economy. He shares, "Having a crime-ridden city is not in the interests of building owners and property values" (27:28).
Performance of Mayor Eric Adams
When evaluating Mayor Eric Adams' tenure, Typen grades his housing policy with a "C" and notes that while land use policy improvements were made, structural issues like property taxes remain unresolved. He explains, "The administration has fought the expansion of voucher funding... falling short on housing is dealing with structural issues" (29:16).
Future Outlook and Potential Supreme Court Challenges
Looking ahead, the discussion touches on the possibility of Supreme Court challenges to rent stabilization laws. Typen suggests that Mamdani's policies could accelerate such legal battles, which may have far-reaching implications for rent regulation in New York City.
Conclusion
The episode concludes with reflections on the multifaceted nature of New York City's housing challenges and the varied responses from different stakeholders within the real estate industry. The hosts and Typen acknowledge that while policies like those proposed by Mamdani present significant challenges, they also create opportunities for innovation and more equitable housing solutions.
Notable Quotes
- Tracy Alloway: "New York City has a shortage of housing... and that has implications for a lot of other cities" (02:21).
- Ben Carlos Typen: "Rent stabilized landlords because, you know, Mamdani has pledged to freeze rents on rent stabilized apartments" (07:13).
- Ben Carlos Typen: "Millionaire tax flight actually is largely a myth" (21:05).
- Ben Carlos Typen: "Having a crime-ridden city is not in the interests of building owners and property values" (27:28).
Final Thoughts
This episode of Odd Lots provides a comprehensive analysis of the intersection between public policy and the private real estate sector in New York City. By featuring expert insights from Ben Carlos Typen, the podcast offers listeners a deeper understanding of the complexities surrounding housing affordability and the potential impacts of Zohran Mamdani's administration.
For more insights and discussions on finance, markets, and economics, visit Bloomberg Odd Lots.
Timestamps:
- 02:21 Tracy on NYC's housing implications
- 05:35 Typen on reaction to Mamdani vs. de Blasio
- 07:13 Concerns about rent stabilization
- 15:33 Opportunities for affordable housing developers
- 17:57 Labor and construction unions in housing
- 21:05 Media narratives on tax flight
- 27:28 Impact of crime on real estate
- 29:16 Grading Mayor Adams' housing policy
- 38:19 Summary concluding remarks