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.
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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.
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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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New Hampshire
Emily (Em) Madeline Peters
Emily (Em) Madeline Peters, 28, passed away on April 29, 2026 in Boston. Em was born on February 27, 1998 in Rochester, NY. Our family moved to Amherst, NH in 1999.
Em attended school in Amherst and graduated from Souhegan High School in 2016. Em enjoyed photography and art where they demonstrated a talent for painting. Em also enjoyed playing the guitar and ukulele. Em was part of the Amherst Congregational Church Youth Group where they participated in mission trips to serve the communities in Tennessee and New York City.
After high school, Em lived and worked in New Hampshire, Cape Cod and the Jamaica Plain neighborhood of Boston. Em was a devoted friend who dedicated themselves to causes that supported the LGBTQ+ community. Em also was always prepared to help those living with addiction. They carried Narcan with them and used it several times to help someone who had overdosed. They were passionate about equality and fairness in the workplace which led them to take action. Em helped lead workers to organize and form a union at a grocery store where they worked. Em also worked for a non-profit organization providing food, clothing and child care to those that needed help.
Em is survived by their parents, Eileen Marie (Hodges) Peters and David Lester Peters of Amherst, NH; brother Andrew Partrick Peters of Merrimack, NH; sister Katherine MacKenzie Peters of Essex, MA.; and grandfather Gerald L. Hodges, Jr. of Rochester, NY. Em is also survived by many aunts, uncles and cousins. Em is predeceased by her maternal grandmother Mary “Dolly” (Curley) Hodges and paternal grandparents Eugene Monroe Peters and Gloria Shirley (Thorne) Peters.
Some of our fondest and happiest memories were spent together on family vacations. Whether we were camping, visiting Old Orchard Beach, or exploring national parks, we were happy. Em’s time on this earth was far too short. We loved them dearly and they will always remain in our hearts. We will miss their good-natured teasing and many inside jokes. We will miss their creativity, compassion for others, and their beautiful smile.
Family and friends are warmly welcomed to attend calling hours at Michaud Funeral Home, 32 Maple Street in Wilton, NH on Sunday, May 24, 2026, from 2 – 4 pm. A service will be held following calling hours at the funeral home. The arrangements are in the care of the Michaud Funeral Home, 32 Maple St., Wilton, NH. To view an online obituary or leave a condolence, please visit our web site at www.michaudfuneralhome.com
New Jersey
Older NJ residents consider leaving as costs rise, survey shows
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New survey data released May 13 suggests affordability pressures are increasingly shaping whether older New Jersey residents stay or leave the state.
More than one-third of residents age 45 and older – 35% – said they have considered leaving New Jersey in the past year, according to a new AARP New Jersey “Vital Voices” survey. Among those weighing a move, 67% said the high cost of living is a primary reason.
The findings come as state lawmakers continue discussions centered on property taxes, utility costs and policies aimed at helping residents age in place.
“New Jersey should be a place where people can afford to grow older, not a place they feel forced to leave,” Chris Widelo, state director of AARP New Jersey, said in a statement. “Right now, rising costs are pushing people out.”
NJ property taxes, utilities driving concern
Affordability pressures extend across multiple key household costs.
Property taxes remain a central concern, with 53% of respondents citing them as a factor in considering leaving the state. The survey also found strong support for the Stay NJ program, which provides eligible homeowners with up to $6,500 in annual property tax relief.
Nearly two-thirds of respondents (65%) said they support keeping the program intact, including maintaining the full benefit.
Rising utility costs are also a growing concern. About 89% of respondents said they are worried about increasing electricity bills, including a majority who said they are “very concerned.”
Support for caregiving relief, transparency
The survey highlights financial and logistical pressures facing caregivers, as more residents provide unpaid care for aging relatives.
More than half – 54% – of adults age 45 and older said they have served as unpaid caregivers. A majority said caregiving costs are a financial concern, and 86% expressed support for a caregiver tax credit.
Respondents also backed greater oversight of long-term care facilities. Strong majorities said they support requirements for nursing homes to disclose ownership, staffing levels and financial arrangements, along with greater transparency in how Medicaid funding is spent.
What it means for NJ budget talks
The findings underscore a broader policy debate in Trenton over how to address affordability challenges while maintaining services.
AARP New Jersey is urging state leaders to prioritize policies that reduce financial strain on older adults, including property tax relief, utility affordability and support for caregivers.
“This survey sends a clear message,” Widelo said. “If New Jersey wants to remain a place where people can age with dignity, we must focus on making it more affordable to stay.”
This story was created by reporter Joe Martino, jmartino@usatodayco.com, with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more.
Pennsylvania
Shirley Ann Dailey
Shirley Ann Dailey, 89, of Daytona Beach, Florida (formerly of Montoursville, Pennsylvania), passed away peacefully on February 23, 2026, surrounded by her family at AdventHealth Hospital in Daytona Beach.
Born December 14, 1936, in Sayre, Pennsylvania, she was the daughter of the late John and Laura (Reinbold) White. She met the love of her life, Gordon Ell Dailey whom she shared over 60 years of marriage until his passing in 2023.
Shirley grew up in Buffalo, New York, and Dushore, Pennsylvania. She graduated from Turnpike High School in Sullivan County, Pennsylvania, and continued her education with two years of college. She went on to have a distinguished career spanning more than 40 years. Her professional journey included roles with the Social Security Administration, General Motors, Pennsylvania Department of General Services, and most notably, 30 years of dedicated service with the Pennsylvania Department of Transportation (PennDOT). She served as an Administrative Assistant to the District Executive for PennDOT Engineering District 3-0. Shirley took great pride in her work and spoke fondly of her time at PennDOT throughout her retirement.
In her personal life, Shirley enjoyed collecting artwork, caring for her home, taking walks, bicycling, and vacationing with her family.
Surviving is a son, David (Crista) Dailey of Daytona Beach, Fla.; a grandson, Garrett Dailey, of Daytona Beach, Fla.; sisters, Regina (Drew) Bagley of Shunk, Pa., and Deborah (Ray) Thall of Mechanicsburg, Pa. She is also survived by numerous nieces and nephews.
In addition to her parents and husband, Shirley was preceded in death by a sister, Margaret Pier, and a brother, William White.
Funeral services will be held at 10 a.m. on Wednesday, May 20, 2026, at McCarty-Thomas Funeral Home, 733 Broad Street, Montoursville, Pennsylvania, with Pastor David Smith officiating. Burial will follow in Twin Hills Memorial Park, Muncy. Friends may call from 9 to 10 a.m. Wednesday at the funeral home.
Expressions of sympathy may be sent to the family at mccarthythomas.com.
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