'NYC will become Mumbai', billionaire property magnate rages as his firm plans to leave the city after Zohran Mamdani mayoral win

The Daily Mail ^ | 09 Nov 2025 | JAMES CIRRONE

[MinorityRepublican]

Billionaire real estate investor Barry Sternlicht's firm is considering relocating from New York now that Zohran Mamdani has been elected mayor, and he says other businesses will likely follow suit.

Sternlicht, the chairman of Starwood Capital Group, said the city will essentially turn into Mumbai under Mamdani's tenure, suggesting that tenants will be emboldened not to pay their rent.

He said: '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.'

Mamdani wants to strengthen eviction protection for tenants, which could make it take longer for landlords to evict them. However, none of Mamdani's policies, including the freeze in rent costs for stabilized tenants, would excuse nonpayment.

Speaking to CNBC, Sternlicht said any lapse in public safety under Mamdani will encourage people and companies to leave the city.

He said: 'If people feel like their kids aren’t safe on the streets, they will pull them out of school and they will leave. And if he defunds the police or he doesn’t give them the honor and prestige they deserve, I think the city’s in for a really tough time.'

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TOPICS: Business/Economy
KEYWORDS: become3rdworld

[TalBlack]

“Mamdani wants to strengthen eviction protection for tenants,“

How or why would you strengthen something that has been on steroids for forty years? Just take the damn property and hand it to the tenants.

[Mr. Jeeves]

He's saying "How come OUR system allowed this to happen?" and that will last until one of his fellow billionaires takes him aside and says "Don't worry - OUR system won't allow him to do any of the things he talks about...at least to us."

Mamdani's theatrics might threaten New York's dwinding upper middle class, but they won't affect the Sternlichts in the slightest.

[Fledermaus]

It isn’t like they didn’t know it was coming.

How did he vote? Did he?

[jjotto]

I believe Barry Sternlicht is actually based in Florida, JAWS Capital. No doubt has a large NYC office.

[FrankRizzo890]

“his firm plans to leave the city”

I also plan to care.

I’m going to need to see movement for that to change.