The city cannot keep heat and hot water in its projects. The only reason electricity there is dependable is it is delivered by Con Ed. Imagine the housing catastrophe if private apartment buildings are confiscated like St. Petersburg and Moscow in 1919. Also those buildings provide real estate tax money. What happens when the eat tax money , not produce it ?
Not to mention, it will cause something of a banking crisis, as most landlords are leveraged, with mortgages on their property, to maximize income.