Billionaires Weigh Relocation Over NYC Mayor's Policies

New York Citys new mayor, Zohran Mamdani, is sparking concerns among some billionaires, who are contemplating relocating their businesses due to his progressive policies, particularly tenant protections and housing. Real estate investor Barry Sternlicht, CEO of Starwood Property Trust, publicly expressed worry about potential rent non-payment and property value decline. While some billionaires are open to working with Mamdani, others are considering moving to more business-friendly states. Despite no definite plans to leave, businesses are reducing investment and exposure to the city.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.