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Socialism, though often well-intentioned, has a track record of falling short, regardless of where it’s implemented. Whether on a grand scale, like the collapse of the Soviet Union, or on a smaller one, such as the issues currently facing New York City, its shortcomings are evident. New York’s mayor, Zohran Mamdani, who aligns with democratic socialist ideals, has embraced policies reminiscent of those that have previously floundered.
Among these policies is the decision to implement rent freezes across the city. As anticipated, this has led to landlords opting out of the market, choosing instead to sell their properties and move on.
The city’s housing market, already delicate due to years of prior missteps, is now further destabilized by these recent measures. Mamdani is not the first to attempt to manage New York’s housing landscape with a heavy-handed approach, but the consequences are becoming increasingly apparent.
In light of these developments, one must wonder: was the outcome ever in doubt?
As his administration begins to take shape, that pledge, rooted in a democratic socialist vision of housing as a human right, is likely to be the first major political test for Mamdani. Supporters say it is an urgent lifeline for tenants battered by inflation and record rents. Critics warn it could destabilize the city’s fragile housing ecosystem, deepen building distress, and accelerate an exodus of small property owners.
The housing ecosystem is fragile due to decades of previous socialist stupidity; the commie Mamdani isn’t the first socialist nitwit to attempt to addle the Big Apple’s housing market with a big red spoon. And landlords are responding, predictably.
“I have people walking away. I have two people selling their buildings right now. I have more people selling the buildings and leaving for Texas and Florida,” Humberto Lopes, founder of the Gotham Housing Alliance, told Fox News Digital.
“People already came to me, and I have their buildings on the market already. Since January, my business in the real estate, I’m a licensed corporate broker, has doubled in the number of buildings we are selling.”
What did they think was going to happen?