Hard to see how this is good for NYC. Some excerpts below from his interview. Just confirms what working Americans who aren't on the government teat or union dole already knew.

Quote:

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Billionaire real estate investor Barry Sternlicht had some harsh words for the newly elected mayor of New York City, Zohran Mamdani. "Over $100 million, every project in New York has to go union, and it's super expensive. It leads to extremely expensive housing. And other developers have tried to cut deals with the unions, but they rule New York, and that's one of the key reasons the blue states are so expensive and they're so difficult to add supply of housing to," said Sternlicht in an interview.

"And then 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."

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https://www.cnbc.com/2025/11/05/new-yorkers-will-leave-starwood-capital-sternlicht-mamdani.html

Wait until Mamdani use Eminent Domain to turn Trump Tower into a homeless camp and watch the real estate capitalist punch out.

Posted on another thread

They have been fleeing New Jersey and will continue to do so.....

Flee NJ

Quote:

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Quote:
NJ Dems are crushing my family and Gov.-elect Mikie Sherrill could make us flee
By Adam B. Coleman Published Nov. 5, 2025, 10:03 p.m. ET

The policy hands that are strangling New Jersey residents like me belong to the Democratic Party and before Tuesday's election, I had hope we might finally breathe again.

We feel the bruises around our necks with every electric bill we open and every property-tax check we write.

Yet year after year we keep rewarding the very people who've assaulted our financial potential.

Jack Ciatterelli was a common-sense candidate who understood that a return to sensible tax and climate policies is a must for New Jerseyans' survival and was our greatest advocate for ending the mistreatment we've endured for decades.

But his loss to Democrat Mikie Sherrill signals to voters like me struggling to make ends meet that help is not on the way.....

......With those in charge far more concerned about fulfilling the policy delusions of progressive elitists than recognizing the strife of the working class, the future of my state appears incredibly bleak.

Meanwhile, my entire extended family has joined the ongoing out-migration, choosing to leave New Jersey for affordable, prosperous states.

They've decided it's no longer worth staying in a place run by people who don't care that you're on your last breath.

I won't root for Sherrill to fail, and I would love for her to prove me wrong over these next four years.

But our lack of fiscal oxygen has turned our faces as blue as the party we keep supporting.

And as the tightening grip on our economic necks becomes more unbearable, the asphyxiation will make even more of us seek escape to greener pastures outside the Garden State.

Adam B. Coleman is the author of "The Children We Left Behind" and founder of Wrong Speak Publishing.

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I can't imagine anyone risking real estate or industrial capital in NYC under the circumstances that are ensuing in January. All predictable imo.

BQ78 said:

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Wait until Mamdani use Eminent Domain to turn Trump Tower into a homeless camp and watch the real estate capitalist punch out.

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Trump should then do that in turn to the DNC and tell them to move to NY since it is what they all want.

Please tell them to go to another blue state and not screw up a good red state.

agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

JWinTX said:

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agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

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How many waves of refuges from NYC are there going to be before you run out of conservatives in NYC? Sooner or later you're going to get to libs fleeing because they can't afford their ideology.

JWinTX said:

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agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

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I live in Austin and have seen exactly the opposite. Our imports from California have moved us even farther to the left than Austin was traditionally and have shifted both Williamson and Hays counties to the blue team too.

I call them "Californicators" because they f*** everything up wherever they go.

Reason real estate in California is so expensive is because of regulations that slow construction down. And in real estate, time is money. Can't do affordable housing even if one wanted to and were self financing.

JWinTX said:

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agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

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But moved to Austin.

I think this is more due to the majority of job growth being related to tech than migrants from blue states.

In some cases, but not the majority from what I see in my part of town. And I live very close to Apple.

Mamdani keeping promises. Price of condos in NYC is going to plummet. No rent controls even needed. It's going to be interesting to watch the "average days on market" stats for residential real estate in NYC.

Not a fan of the election results in NYC, but…

When there's blood in the streets and everyone is fearful, that's when you buy. I would feel a lot more comfortable buying today than in 2022 when interest rates were low and valuations had done nothing but go up since 2009.

Despite all the negative conservative press, NYC is still a democracy and things have a likely probability to self correct as consequences play out.

The only thing that matters is you don't over leverage to the point you're sensitive to whether it takes a few years or decades to correct.

Take a deep breath and just believe in America over the long run.

And never wish harm on fellow Americans just because you don't like election results. It takes some longer than others to realize there's no free lunch or politician who will fix your problems. They'll learn.

JWinTX said:

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agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

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Tell that to Arizona, Nevada and Colorado. Next up, Idaho.

"Oh California is so expensive. There's so many homeless people. There's so much poverty there. There's needles and feces in the street. I don't want to live there anymore. Oh, Boise looks nice. And they can sure use my progressive ideals."

BTHOtrolls said:

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Not a fan of the election results in NYC, but…

When there's blood in the streets and everyone is fearful, that's when you buy. I would feel a lot more comfortable buying today than in 2022 when interest rates were low and valuations had done nothing but go up since 2009.

Despite all the negative conservative press, NYC is still a democracy and things have a likely probability to self correct as consequences play out.

The only thing that matters is you don't over leverage to the point you're sensitive to whether it takes a few years or decades to correct.

Take a deep breath and just believe in America over the long run.

And never wish harm on fellow Americans just because you don't like election results. It takes some longer than others to realize there's no free lunch or politician who will fix your problems. They'll learn.

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For the rational investor, buying in NYC is idiotic.

However, you're right in part. There will be a ton of buyers for real estate that comes down in price. It will be foreign buyers who want to park money in NYC (and to a lesser extent USA) real estate for the long term. Some of these buyers MAY have their property actively managed but many won't. They'll hire NYC law firms to establish entities to buy the property, pay the taxes and fees, and hire real estate management companies to put up fake "for lease" signs in the windows with phone numbers that are either out of service or go to voice mail that isn't returned. These buyers don't care about immediate rates of return and don't even want to be bothered with paying the management company to acquire tenants. The properties likely aren't even insured. They just want their money to sit, relatively safe, for decades.

Obviously, the vast majority of these buyers are not people we want owning property -- or for that matter doing anything -- in the US.

MemphisAg1 said:

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Hard to see how this is good for NYC. Some excerpts below from his interview. Just confirms what working Americans who aren't on the government teat or union dole already knew.

Quote:

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Billionaire real estate investor Barry Sternlicht had some harsh words for the newly elected mayor of New York City, Zohran Mamdani. "Over $100 million, every project in New York has to go union, and it's super expensive. It leads to extremely expensive housing. And other developers have tried to cut deals with the unions, but they rule New York, and that's one of the key reasons the blue states are so expensive and they're so difficult to add supply of housing to," said Sternlicht in an interview.

"And then 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."

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https://www.cnbc.com/2025/11/05/new-yorkers-will-leave-starwood-capital-sternlicht-mamdani.html

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Yeah Mumbai scrapped rent control in the 90s a cause they figured that **** doesn't work.
And it's one of the reasons that led to a massive housing and construction boom that's still ongoing.

But maybe Mamdani longs for the days where his family didn't pay rent and were freeloaders

real estate agents in florida

posting on social media they spent all day long taking calls from New Yorkers

agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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if we had smart tacticians in the GOP

we would be organizing new communities of New Yorkers and New Jerseyians

in Pennsylvania and North Carolina!!

you left out Qataris, Saudis, and Somalis!

captkirk said:

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Socialism is government run monopoly

Capitalism is competition

Both have greed but only capitalism allows for public competition to fix the eventual dictatorship that comes with socialism


How can people not see this
They are convinced with slogans. No critical thinking

JWinTX said:

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agracer said:

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Please tell them to go to another blue state and not screw up a good red state.

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The ones leaving these blue states are usually leaving for the reasons that red states are thriving. The "don't California My Texas" fears were so overblown, as the citizens we got from the West Coast have been ones that hated liberalism.

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This is the same thing that has happened in the area I live in. There have even been a couple of realtor in a nearby city who specialize in bringing in MAGA families from California.

Abbott has it wrong. He made some flippant comment about a 100% relocation tariff for people leaving NYC. We should be opening a Business Relocation Center for all the businesses and wealthy Jewish residents who choose not to live under an Islamo-communist regime. Welcome prosperity.

No thanks. Texas is full.

Agree with what you suggest . I think George Carlin explained it quite succinctly .

"likely".

Leave and then talk. Else the RE guy needs to STFU.

Remember, Mamdani is not an American he is a Uganda Indian per his mother. He and family hate America. Mamdani has no allegiance to our Constitution. Mamdani and family are evil.

diamondag said:

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captkirk said:

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Socialism is government run monopoly

Capitalism is competition

Both have greed but only capitalism allows for public competition to fix the eventual dictatorship that comes with socialism


How can people not see this
They are convinced with slogans. No critical thinking

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They're losers who can't compete. They don't want competition. They want hand outs.

People like Mamdani destroy objects they can't build and steal money they don't earn. Good luck NY!

BQ78 said:

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Wait until Mamdani use Eminent Domain to turn Trump Tower into a homeless camp and watch the real estate capitalist punch out.

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Watch Trump declare Trump Tower to be a National Historic Landmark and use the federal and state bureaucracy against them.

AGROAg88 said:

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Abbott has it wrong. He made some flippant comment about a 100% relocation tariff for people leaving NYC. We should be opening a Business Relocation Center for all the businesses and wealthy Jewish residents who choose not to live under an Islamo-communist regime. Welcome prosperity.

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Jews that vote democrat?