The possibility of democratic socialist Zohran Mamdani becoming mayor is striking fear in New York City’s real estate industry.

Mamdani, the 33-year-old Democrat nominee for November’s election, has promised to tax the wealthy to pay for free buses and free childcare, create city-owned grocery stores, freeze the rent for all stabilized tenants, and triple the number of permanently affordable, union-built, rent-stabilized homes.

While energizing the city’s progressives, Mamdani frightens people in the city’s real estate industry, The New York Times reported.

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