NYC socialist Mayor Zohran Mamdani released"Block by Block: The Housing Plan for a New Era,"which presents a sweeping, deeply troubling blueprint to tackle the metro area's deepening housing crisis.
When necessary, we will take aggressive legal action to remove negligent owners and property managers. And for buildings that have suffered chronic neglect,we work to transfer ownership to responsible stewards. Stewards include community land trusts, nonprofits, or even the tenants themselves.
IT BEGINS…NYC Mayor Zohran Mamdani unveils plan to "transfer ownership" from landlords to "the community"pic.twitter.com/uybGFPk5eD
X userDifficult Froyooutlined what he described as the obvious playbook by the socialist mayor:
Rent control so landlords cannot raise rent to properly maintain the property. NYC takes the property and gives it to his political friends that donate to him. This is all going to be a theft scheme.
"Insane. If this isn't communism, I don't know what is. Has America really reached the point of communism?"
Mamdani's backdoor property-seizure strategy will likely spook lenders, insurers, and small landlords. That's because it caps landlord income, allows residential buildings to become distressed, then uses the city's enforcement to push properties into nonprofit, community land trust, or tenant ownership.
The carveout that Mamdani has to allow one-time rent hikes on certain vacant units already shows that Mamdani's team understands that a rent freeze creates financial stress for some affordable-housing owners.
NYC socialist Mayor Zohran Mamdani is expected to announce on Tuesday that certaindistressed landlords will be excluded from his proposed rent freeze, offering relief to apartment owners squeezed by debt, rising insurance costs, utilities, and repair bills in the increasingly unaffordable metro area.
Mamdani is expected to make the announcement at Powerhouse Arts in Gowanus, Brooklyn, where he will unveil a plan that would allow eligible owners of apartments financed or regulated by city housing agencies to impose a one-time rent increase on vacant units, even if a broader rent freeze is enacted later this year, according toThe Wall Street Journal.
Source: ZeroHedge News
