"The far-left gets really nuts and says the tenants don't have to pay. Well, you can't kick them out if they don't pay,"
"So, the neighbor finds out the neighbor isn't paying, and they don't pay, and the next guy doesn't pay, and then you're basically going to turn New York City into Mumbai,"
"socialism has never worked anywhere."
Zohran Mamdani is New York City's mayor-elect and will assume office on Jan. 1. Some wealthy business owners have suggested relocating companies out of the city following his election. Barry Sternlicht, CEO of Starwood Property Trust, said his firm is considering relocation and expects other businesses to follow. Sternlicht expressed concern that tenants will feel emboldened not to pay rent and warned of cascading nonpayment, comparing possible outcomes to Mumbai. Mamdani supports increased eviction protections but has not advocated for allowing nonpayment of rent. Starwood reported $29.9 billion in assets and provided a $161 million refinance loan for a Manhattan building.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]