Affordable Housing Emerges as Central Issue in NYC Mayoral Race

Nov. 14th, 2025 Written by Linette Semino

As New York City voters weigh their options in today's mayoral election, one issue stands above all others: affordable housing. With rents continuing to climb and many residents struggling to secure stable housing, all three major candidates agree that the crisis demands urgent action—though their solutions diverge sharply.

Zohran Mamdani, the race’s current front-runner and self-described Democratic Socialist, has put forth the most sweeping proposal. His platform includes freezing rents on select apartments as part of a broader effort to overhaul the city’s housing system. Mamdani argues that bold intervention is necessary to keep New Yorkers in their homes and curb displacement. Critics of Mamdani warn that his aggressive housing agenda risks driving investment away from New York at a moment when the city’s economic recovery remains fragile.

Former Governor Andrew Cuomo, running as an independent after losing the Democratic primary, has pledged to hit the ground running if elected. Cuomo promises to implement his affordable housing action plan within his first 100 days in office. Key components include addressing the backlog of affordable housing applications and accelerating construction across the city. Cuomo frames his plan as pragmatic and execution-focused, emphasizing government efficiency.

On the Republican side, Curtis Sliwa, currently polling well behind his opponents, has introduced a seven-point housing agenda centered on structural reforms. His plan calls for tackling property taxes, revisiting zoning policies, converting commercial spaces into housing, and strengthening rent control measures. Sliwa contends that reducing bureaucratic barriers and adjusting tax burdens will unlock private-sector development while protecting tenants.

For the real-estate industry, the stakes are immense. The next mayor will influence the direction of rent regulations, appoint key members to the Rent Guidelines Board, and set the pace for energy and zoning reforms that could reshape development across the city.

Despite their ideological differences, the candidates share a common acknowledgment: New Yorkers are in the midst of an urgent housing crisis. But the path forward—whether through socialist reform, administrative overhaul, or tax-driven development—will ultimately be determined by voters seeking relief in one of the country’s most expensive cities.

Linette’s Insights:

As I’ve observed in the third quarter of 2025, Manhattan’s residential real estate market has remained remarkably resilient. Closed sales rose 9% year-over-year, with both condos and co-ops seeing notable gains. Buyers are seizing opportunities, prioritizing location, amenities, and long-term lifestyle needs, while the luxury market continues to outperform the broader market—sales above $5 million climbed nearly 15%, and the $3-5 million co-op segment surged 47.7%.

Contract activity is up, inventory is tightening, and larger apartments are in high demand, driven by generational wealth transfers and millennials trading up for more space. Despite some challenges, we’re seeing measured optimism, strong buyer interest, and opportunities for savvy investors and homeowners alike. Manhattan remains one of the world’s most competitive and desirable real estate markets, and I’m excited to help my clients navigate it successfully.