Top Wall Street investor warns Zohran Mamdani’s rent control plan will decimate NYC’s housing market

Source: New York Post

Zohran Mamdani’s proposal for tougher rent controls across New York City could backfire — choking off new housing supply and ultimately hurting the left-wing firebrand’s own voters, a top Wall Street investor warned. Drew McKnight, co-CEO of Fortress Investment Group, which manages $53 billion in assets, told The Post that Mandani’s agenda to freeze the cost of rent-stablized apartments “will make it uneconomic for property owners”. Specifically, the Uganda-born lawmaker’s plans could “disincentivize any amount of conversions or incremental supply,” the 47-year-old Goldman Sachs alum told The Post in an exclusive interview on Wednesday.