Lawyer Randy Mastro, representing a coalition of property owners in New York City, filed a lawsuit this Thursday seeking to halt the communist Mayor Zohran Mamdani's decision to freeze rent prices for leases of up to two years.
The Democratic Party politician argued that the measure would provide relief to tenants who have been hit hard by the high cost of living, but ignored the reality of small and medium property owners. Organizations representing these owners argue that the policy does not take into account the increase in operating costs and jeopardizes the financial viability of the rent-stabilized system.
More than 1 million rentals in New York are regulated by the government
An American dream increasingly difficult to sustain
Two property owners, José Tur and Natalia Bonanno, who dedicated their entire lives to building a real estate business, were labeled by Mamdani's activists as "ruthless entrepreneurs" and confessed that they receive threats from the far left.
Bonanno and Tur agreed that the American dream is becoming increasingly difficult to maintain. Both refuted claims that owners typically earn double-digit returns, arguing that those figures do not account for the rising costs of mortgages, insurance, taxes, and maintenance expenses for old buildings subject to rent control, many of which were built in the early 20th century.
"We are selling most of our buildings with regulated rents because, quite simply, we see no future here in terms of making a profit," Bonanno stated. "We hope to stay in New York City and perhaps invest in properties without regulated rents, but if not, we will have no choice but to sell and buy properties in other states," he added.
Tur and Bonnano confessed to receiving threats from the far left.
