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flag Billionaire Barry Sternlicht opposes Zohran Mamdani’s rent freeze, warning it could harm NYC’s economy and spur decline.

flag Billionaire real estate investor Barry Sternlicht has strongly opposed New York City Council candidate Zohran Mamdani’s proposed rent freeze, warning it could harm the city’s economy and lead to urban decline akin to Mumbai. flag Sternlicht, whose firm holds major real estate interests in the city, called the policy anti-business and said it could prompt companies to relocate. flag His concerns reflect broader unease in the commercial real estate sector over Mamdani’s tenant-focused proposals, though some industry leaders remain open to dialogue. flag The debate underscores escalating tensions between housing advocates and investors over the city’s future.

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