Derec
Contributor
I would not call it "fearmongering propaganda". I would call it sound economics. Price controls do not work, as they increase demand and discourage providing more supply. Then there are expenses. If the rent is not allowed to go up (Mamdani's plan is to "freeze the rent"), the expenses will still rise, even more so under Mamdani's policies such as tax hikes. Which means that offering apartments for rent will become unprofitable. I think he will use this as an excuse to expropriate landlords.So, slumlords, landlords, and real estate owners profits rose on average 12% that year. They, of course, do not want additional regulation on their hefty profits and have a fear of a pro-tenant mayor. This is why they poured so much money into Cuomo's bid for mayor and engaged in fearmongering propaganda.
Also, you are conflating "rents rose x%" with "profits rose 12%". Those are not the same thing, because of aforementioned expenses.
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