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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.
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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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Naugatuck Police say one person has been arrested after a multi-car accident on Route 63 Saturday afternoon.
According to police, they responded to the area of Route 63 and Cherry Street around 1 p.m. for reports of a collision with injuries.
They say a 30-year-old man from Waterbury was arrested and charged with operating under the influence of drugs/alcohol, operating under the influence with a child passenger, illegal possession of prescription drugs, failure to keep narcotics in the original container, risk of injury to a child and distracted driving.
Police say he is being held on a $10,000 Surety Bond.
This is all the information at this time.
BANGOR, Maine (WABI) – Good morning and Happy Sunday everyone. Skies are cloudy with fog across much of Maine this morning. Rain has entered locations along the interstate and to the northwest. Temperatures vary from the upper 30s to mid 40s. Winds are out of the SE between about 5-15 mph.
Today will be a wet and impactful day with rain and even snow anticipated as a large cold front passes through Maine. Skies will be cloudy with plenty of fog lasting through the morning. Rain will expand across the interstate by the late morning hours, reaching Downeast locations by midday/the early afternoon.
By the early to midafternoon, temperatures will start to drop across northwestern locations as the cold front passes through Maine. This will result in rain turning over to mixed precipitation and eventually snow across the Western Mountains, Moosehead region, and Northern Maine. Rain will continue steadily and at times heavily across the foothills, Interstate, Coast, and Downeast. A few thunderstorms are even possible closer to the coast.
Snow will expand across areas to the northwest of the interstate this evening, reaching all the way down to Interior Midcoast communities, the Bangor region, and Interior Downeast areas by sunset and into the start of the night. Precipitation will taper off across Western Maine shortly after sunset, before exiting the entire state around midnight tonight. High temps today will vary from the low 40s to low 50s with SSE to NW gusts reaching 20-25 mph.
Snowfall totals will vary under 2 inches across Western, Northern, and Interior Downeast locations. However, a few pockets of 2-4 inches are possible, mostly in higher elevations across the mountains. Rainfall totals will accumulate around a half inch to three quarters of an inch when all is said and done.
Precipitation will be out of Maine by midnight tonight, with cloudy conditions giving way to mostly clear skies by sunrise. Lows overnight will dip back below freezing across much of the state, from the low 20s to mid 30s tonight, so cover up any plants or flowers outside. WNW gusts will reach 20-25 mph. A Small Craft Advisory is expected offshore.
Skies will be partly to mostly sunny across the interstate and coast on Monday morning. However, by the late morning to midday hours, clouds will build with a few scattered rain and snow showers in spots. Conditions will remain on the cloudier side in the afternoon before clearing up around sunset into the start of Monday night. Highs will be chilly on Monday, from the low 30s to upper 40s. WNW to SW gusts will be a bit breezy, reaching 20-25 mph, which will add to the wind chill factor.
High pressure will build on Monday night, remaining overhead on Tuesday. Skies will be sunny in the morning, becoming partly to mostly sunny in the afternoon. Highs will remain cool, in the 40s across the board with North to SW gusts only reaching 15-20 mph.
A weaker low-pressure system could bring showers across Maine on Wednesday and Thursday. There is a bit of model uncertainty on exactly when it will impact Maine. The GFS has impacts on Wednesday, while the EURO, GRAF, and GDPS models have most of the impacts on Thursday. We will continue to monitor this system and potential impacts. All it looks to provide as of now are cloudier skies and rain showers, with some snow shower chances farther to the North.
By Friday and Saturday, conditions are trending on the drier side with sunshine and average temperatures returning to the forecast.
SUNDAY: Highs from low 40s to low 50s. Cloudy with AM fog. Rain becoming widespread throughout the day, turning over to snow to the north & west during PM. SSE to NW gusts reach 20-25 mph.
MONDAY: Highs from low 30s to upper 40s. Partly to mostly sunny early. Developing clouds with scattered rain/snow showers by midday/afternoon. WNW to SW gusts reach 20-25 mph.
TUESDAY: Highs throughout the 40s. Sunnier AM. Partly to mostly sunny PM. North to SW gusts reach 15-20 mph.
WEDNESDAY: Highs from low 40s to low 50s. Mostly cloudy with a few rain showers. Few AM snow showers possible North. SSE to SSW gusts reach 20-25 mph.
THURSDAY: Highs from mid 40s to mid 50s. Cloudier skies with rain showers possible. Some AM snow showers possible North. NW gusts reach 20-25 mph.
FRIDAY: Highs from upper 40s to mid 50s. Partly cloudy. NNW gusts reach 20 mph.
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