Real estate moguls throw their money behind Adams as Mamdani threatens to freeze rents

Zohran Mamdani, the 33-year-old socialist and Democratic nominee for mayor of New York City, shocked the political establishment with his primary win last month, including New York City real estate executives, with his radical ideas, like rent freezes and tax plans that single out specific neighborhoods. 

Marc Holliday, CEO of SL Green, a New York-based real-estate investment trust, is hosting a fundraiser for Mamdani’s opponent, Mayor Eric Adams, at One Madison Avenue, one of his office towers, on Wednesday, according to a Wall Street Journal report. 

Holliday invited dozens of New York City’s top real-estate executives to the rooftop cocktail event Wednesday, costing $2,000 each, two people who planned to attend shared with The Wall Street Journal. 

The fundraiser is the latest effort to consolidate financial support for Adams in his independent re-election campaign, after Mamdani’s Democratic primary sent political shockwaves from the White House to Wall Street. 

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While a group of young, wealthy supporters have invested in the “Mamdani Millionaires” movement, questions remain about how Mamdani’s socialist policies would impact New York City. 

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A video resurfaced last week of Mamdani describing his plan for communal housing with shared laundry, kitchens and bathhouses. He also called for luxury condos to be replaced with communal-style living units that would include shared laundry facilities and food co-ops.

One of Mamdani’s key campaign promises is to freeze rent rates. Mamdani has accused his opponent, Adams, of appointing Rent Guidelines Board members to raise rents on stabilized apartments. 

While landlords and advocates argue the freeze would be illegal, Mamdani could accomplish his ambitious goal by appointing members to the board who wouldn’t vote to increase the rent. 

Former Mayor Bill de Blasio’s board voted to freeze the rent three times during his tenure. 

Mamdani has vowed to deliver his agenda, which includes free childcare and city-run grocery stores, through a “revenue plan” that would “raise the corporate tax rate to match New Jersey’s 11.5%, bringing in $5 billion. And he will tax the wealthiest 1% of New Yorkers — those earning above $1 million annually — a flat 2% tax.”

As details emerge about Mamdani’s plan for the Big Apple’s real estate and tax plans, Noble Black, a New York City luxury real-estate broker, told The Wall Street Journal that Wednesday’s fundraiser will be the first of many.

“Everyone is talking about how much wealth is aligning against Mamdani,” Black told The Journal.

The Journal reported that on Saturday, a real-estate power couple, Kenneth and Maria Fishel, co-hosted an Adams fundraiser in the Hamptons with New York City billionaires John and Margo Catsimatidis, real-estate investor Jared Epstein, and others.

And Epstein is planning other events for Adams in August, including a private dinner and social-media-friendly campaign events, according to The Journal. 

The Mamdani and Adams campaigns did not immediately respond to Fox News Digital’s request for comment. 

Fox News Digital’s Alec Schemmel contributed to this report.