Northeast
Mamdani’s rent freeze, tax hikes a ‘one-two wealth destruction punch,’ economists warn
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New Yorkers could be facing a “one-two wealth destruction punch” if Mayor Zohran Mamdani’s rent freeze and tax hikes take effect, economists warn.
Mamdani’s housing plan, a campaign promise aimed at addressing affordability, includes an immediate freeze on roughly 2 million rent-stabilized apartments. Separately, his broader $127 billion budget agenda calls for higher taxes on wealthy residents and corporations, as well as a potential 9.5% property tax increase if state lawmakers decline to act.
In the nation’s largest city and a global financial center, the outcome of Mamdani’s proposals could shape not only the future of New York’s housing market, but also broader debates over regulation, taxation and urban policy.
New York City Mayor Zohran Mamdani placed affordability at the center of his campaign to lead the nation’s largest city. (Angelina Katsanis/AFP/Getty Images)
Edward Pinto, senior fellow and co-director of the AEI Housing Center at the American Enterprise Institute, said capping rent increases while raising property taxes would pressure landlords from both directions, reducing revenue while increasing expenses.
“This would be a one-two wealth destruction punch,” Pinto told Fox News Digital. “The rent freeze would drive multifamily property values down and the increase in property taxes would drive both multifamily and single-family values down,” he said.
That, he warned, could ripple across the housing market, affecting not only landlords, but also homeowners whose property values are tied to broader market conditions. He also said the policies could discourage new housing construction and lead landlords to defer repairs and improvements.
“At the same time, the construction of new supply would contract, and property upkeep would diminish as repairs are deferred and improvements are not made,” Pinto said.
CONSERVATIVE STATES SEE LOWER INFLATION THAN LIBERAL ONES NATIONWIDE, WHITE HOUSE DATA SHOWS
Economists warn that Mamdani’s housing proposal will exacerbate affordability issues in the nation’s largest city. (Spencer Platt/Getty Images)
Expanding on that argument, E.J. Antoni, chief economist at the Heritage Foundation, said the risks extend beyond property values and could ultimately reduce the city’s housing supply.
“Economists — whether they are on the right or on the left — essentially are in universal agreement, that when the government implements price controls in the rental market, you end up with housing shortages,” Antoni told Fox News Digital.
“And not only do you end up with fewer housing units available, but the quality of those units consistently goes down as well,” he added.
Emily Hamilton, the director of the Urbanity Project at George Mason University’s Mercatus Center, echoed similar concerns with Mamdani’s housing policy platform.
“It’s going to exacerbate the city’s housing quality problems that the current rent stabilization law is already exacerbating. A rent freeze would just make that worse, and ultimately will contribute to the reduction in the supply of rent-stabilized units,” she said.
Mamdani, who made lowering costs for New Yorkers a cornerstone of his campaign, has also proposed building 200,000 affordable rental units. Hamilton said that portion of the proposal could be more promising.
FROM FREE BUSES TO CITY-OWNED GROCERY STORES, HERE ARE MAMDANI’S KEY ECONOMIC PROMISES
With billions of dollars and millions of renters at stake, the outcome of Mamdani’s plan could shape New York City’s property landscape for years to come. (Spencer Platt/Getty Images)
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She explained that the passage of the 1961 Zoning Resolution made it difficult to add real estate in New York City, which contributed to an affordability problem and a push to regulate rents.
“It’s regulation on top of regulation, rather than addressing the root cause of housing undersupply and just making it easier to build housing of all types at all price points,” Hamilton said.
Mamdani’s office did not reach out to Fox News Digital’s request for comment.
With billions of dollars and millions of renters at stake, the outcome of the debate could shape the city’s property landscape for years to come.
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Boston, MA
Editorial: With Boston’s World Cup win, could we host Olympics?
The World Cup economic windfall boosting Boston gives rise to a question: Could the Hub host the Olympics?
Certainly Bostonians have more than risen to the occasion in terms of welcoming international visitors to our city and showing them a good time (and vice versa, Tartan Army). But it takes more than great hosts and a convivial atmosphere to pull off an epic sporting event.
It takes money, lots of it, political transparency, and a process open to public scrutiny and feedback. In other words, no, we couldn’t.
Public reception to the 2014 Olympics bid was tepid at best, as it would entail multiple construction projects. And when big construction projects are presented in Boston, taxpayers get suspicious. Big Dig, anyone?
Boston 24 announced it estimated the Games would produce at least $4.8 billion in revenues from television broadcast rights, ticket sales, corporate sponsorships and other revenues, the Associated Press reported. They assumed nearly $4.6 billion in costs, including $176 million for a temporary Olympic Stadium, $90 million for the athletes’ village, about $754 million to build other Olympic venues and another $132 million to rent other locations.
They reportedly announced all this to answer critics who said the privately funded Boston 2024 withheld details of the bid to prevent the public from assessing whether the Games could be staged, as promised, without the need for taxpayer money.
We learned the answer to that soon enough.
In this case, as the Herald reported that year, details from Boston 2024’s so-called bid book indicated that plans sent to the U.S. Olympic Committee called for the Hub to fund “land acquisition and infrastructure costs” at Widett Circle, where a temporary Olympic stadium was being proposed. It came after months of promises that the group planned to run a privately funded Olympics.
“They’ve been saying for months, ‘No taxpayer (money),’ ” said Evan Falchuk, a vocal bid critic who pushed for a statewide ballot question on hosting the games. “Then you read what they told the USOC. … It’s a devastating blow to their credibility. There’s a reason why voters don’t trust what they’ve heard and (Boston 2024 has) got a lot of work to do to earn that trust.”
And all this talk of money came before any cost overruns made an appearance. London’s budget for the 2012 Summer Games escalated by about 300%, ending somewhere in the $14 billion range. What were the chances we’d fare any better?
No wonder Bostonians gave the Olympics idea the cold shoulder.
But what of the city’s World Cup success story? For starters, Gillette Stadium is already built, and the only large element requiring a cash infusion was the MBTA, which shelled out $35 million to upgrade Foxboro Station in advance of the Cup. They’ll make a nice chunk of that back, as the T spiked round-trip Commuter Rail ticket prices between South Station and Gillette Stadium for fútbol fans to $80.
In this case, Bostonians are on the winning side, reaping benefits from free-spending (and thirsty) visitors, and reveling in the good vibes.
It would be great for the city if megaprojects, or even minor ones, came with the guarantee of financial transparency before shovels hit the dirt. Optimists should look at White Stadium before calling it a day.
Pittsburg, PA
Pittsburgh among best U.S. cities in 2026 rankings. Here’s why
Pittsburgh ranks among the top 25 best places to live, work and visit in the U.S., according to a new report.
The 2026 “America’s Best Cities” report from Resonance, an international business consulting company, ranks the top 100 U.S. metro areas overall based on factors such as economic data, quality of living and public perception. Pittsburgh scored in the top quarter of cities nationwide.
Here’s a breakdown of how Pittsburgh ranks.
Pittsburgh ranks among top U.S. cities
Overall, Pittsburgh scored at No. 25 among U.S. cities.
Top-scoring cities almost all “made the visitor and resident experience a strategic priority,” according to the report. Rankings were also further broken down based on each key scoring components.
Pittsburgh has put a focus on its cultural amenities and food scene, as well as in revitalizing its neighborhoods, the report noted. While other similarly sized cities in the ranking have fallen, Pittsburgh climbed by five spots in 2026.
Pittsburgh among best cities for livability
Pittsburgh scored at No. 24 among U.S. cities for its livability.
The report’s livability scores were ranked in accordance to the quality of daily life in a city based on factors such as walkability, transit access, air quality, climate risk, green space, housing costs relative to income, broadband connectivity, healthcare access and life expectancy, as well as if the location is somewhere people would want to live.
Pittsburgh ranks in top 30 cities for lovability, prosperity
Pittsburgh ranked among the top 30 U.S. cities for both its lovability and its prosperity, scoring at No. 26 for lovability and No. 28 for prosperity.
Lovability was scored based on factors like the quality and quantity of venues such as restaurants, arts and entertainment sites, museums, outdoor experiences and nightlife. Digital data such as search trends, social media activity and other user-generated content was also considered.
Prosperity rankings were based on factors such as gross domestic product per capita, labor force participation, innovation capital intensity, educational attainment, unemployment and poverty rates, the presence of major corporate headquarters, university quality and the number of direct air connections.
Philadelphia ranked just a few spots above Pittsburgh at No. 20 overall.
Top 10 cities in 2026 ‘Best Cities’ ranking
The top 10 cities in the ranking are:
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Miami, FL
- San Francisco, CA
- Seattle, WA
- Las Vegas, NV
- Dallas, TX
- Houston, TX
- Boston, MA
Finch Walker is the Pittsburgh Connect Reporter for the USA TODAY Network. Contact Walker at FWalker@usatodayco.com. Instagram: @finchwalker_. X: @_finchwalker.
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