Zohran Mamdani says he’ll take “aggressive legal action” to seize buildings from negligent private landlords and transfer them to nonprofits and tenant associations.
New York tried this 50 years ago — it didn’t work.
In the 70s and 80s, NYC seized thousands of abandoned properties, spent ~$10.6b managing them, and gave many of them to nonprofits. Living conditions deteriorated (77% of city-managed units had rats), and city-appointed landlords fell behind on payments.
Old buildings deteriorate and need money to be fixed; changing a building’s owner doesn’t change its economics. The real issue here is rent regulation, which sharply limits legal rent increases; NYC’s progressive left either doesn’t know or hasn’t acknowledged history, and as
@JKetcham91 argues, Mamdani is exploiting their ignorance to build his political base.
Full story 👇