Mamdanis plan to let tent cities take over NYC could batter real estate market: industry leaders

The city’s real-estate market will be crippled by Mayor-elect Zohran Mamdani’s plan to stop clearing homeless encampments, industry workers warned Friday.Tent cities crowding city sidewalks would discourage potential buyers from laying down roots across the Big Apple, insiders said, dealing a blow to the real estate industry already in turmoil over the far-left pol’s election win.“It hugely affects things,” said top Manhattan real estate agent Ann Cutbill Lenane.“It will absolutely not be good for the real estate market, it won’t be good for people and quality of life and these encampments get bigger and bigger.”  Cutbill Lenane, who has been ranked Douglas Elliman’s top Manhattan agent and won the Real Estate Board of New York’s Broker of The Year award in 2018, said the city should get homeless people off the streets, and safely into shelters and permanent housing.“Living on the street does not help anybody,” she said.Susan Miller, of Empire State Properties, an agency that provides short-term furnished apartments in Midtown, said allowing people to camp out on the streets would fuel more crime and send New Yorkers fleeing from the city.“What’s going to happen right now, it’s going to basically cause more dirt, more rodents, more complaints,” she said.“I think people will leave New York City if there’s crime and dirt.

People are going to hide more in those little areas.”The real estate and business communities are already on edge over the ascension of the democratic socialist – and the uber liberal policies he pushed during his campaign.Leaders in cities and states across the US have attempted to draw New Yorkers to live in their areas and flee New York City. Mamdani’s latest plan announced Thursday to stop clearing out homeless encampments – in a sharp reversal from Mayor Eric Adams’ administration – was also widely panned as unrealistic as critics claimed it would cause chaos and blights in public spaces. The ...