Barry Sternlicht says tenants refusing to pay rent under Mamdani could turn NYC into Mumbai, while employees and wealthy residents consider leaving due to safety and tax concerns.
Billionaire real estate investor Barry Sternlicht warned that New York City could “turn into Mumbai” under Mayor-elect Zohran Mamdani, as his firm, Starwood Capital Group, considers relocating. Sternlicht said: “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…you’re basically going to turn New York City into Mumbai.”
Mamdani supports stronger eviction protections, though none excuse nonpayment. Sternlicht also cited public safety concerns: “If people feel like their kids aren’t safe on the streets, they will…leave.” Starwood employees have reportedly expressed interest in leaving the city.
Concerns extend to Mamdani’s proposed tax hikes, including an 11.5% corporate rate and a 2% flat tax on high earners. Realtors in Westchester and Greenwich report surging demand as Manhattan residents accelerate plans to relocate, fueling bidding wars in low-inventory suburban markets.