skip to contentAdvertisementSternlicht, whose firm manages major commercial and residential properties in Manhattan, said he was already considering relocating Starwood’s offices out of New York.By: Express Web Desk New Delhi,November 11, 2025 10:56 PM IST First published on: Nov 11, 2025 at 10:45 PM IST ShareWhatsapptwitterFacebookNew York City mayor Zohran Mamdani. (Photo: AP)Billionaire investor Barry Sternlicht has warned that New York City risks “turning into Mumbai” under newly elected mayor Zohran Mamdani, accusing the progressive leader of pushing anti-business policies that could drive investors and residents away.In an interview with CNBC’s Property Play, the Starwood Capital Group chairman said the city’s crippling construction costs, union dominance, and left-wing housing agenda were making development nearly impossible.“Over $100 million, every project in New York has to go union, and it’s super expensive,” Sternlicht said. “That’s one of the key reasons the blue states are so expensive and so difficult to add housing supply. And then the far left gets really nuts and says the tenants don’t have to pay… then you’re basically going to turn New York City into Mumbai.”Sternlicht, whose firm manages major commercial and residential properties in Manhattan, said he was already considering relocating Starwood’s offices out of New York due to what he called “anger at success” and hostility toward developers.He criticised Mamdani’s plan to freeze rents as part of his affordability agenda, arguing it ignores the real cause of the housing shortage. “The core issues are not what he’s focusing on. We need to increase housing. That’s not going to happen easily. You need serious subsidies from the government if they want us to work with unions,” Sternlicht said.The billionaire also raised alarms about public safety, warning that Mamdani’s progressive stance on policing could lead families to leave the city. “If people feel like their kids aren’t safe on the streets, they will leave. If he defunds the police or doesn’t give them the honour and prestige they deserve, the city’s in for a really tough time,” he said.Most ReadThough Sternlicht said he believes New York will survive, he predicted it would “get a lot worse before it gets better,” accusing Mamdani of embracing policies that punish success.“Maybe the million people that voted for him won’t realise that socialism has never worked anywhere on the planet,” Sternlicht said. “Helping others achieve the American dream is a better message than taxing everyone who’s been successful and forcing them to leave.”AdvertisementAdvertisementLoading Taboola...