New York City was once a refuge for working-class immigrants. Today, it’s the most expensive city in the U.S.—a place where homes are built as an investment for the ultra-wealthy rather than a social need. This crisis has become the defining issue in the mayoral race.
The real estate industry and major developers substantially influence New York City politics through lobbying efforts and campaign contributions. This political power directly impacts nearly 70% of New Yorkers who rent their homes, leaving them vulnerable to predatory landlords and the growing financialization of housing, where investment firms treat homes as assets for the super-rich rather than basic human needs.
The fundamental conflict shaping New York City politics lies in this divide between the millions of working-class people who bear the burden of skyrocketing rents and the landlords, developers, and real estate industry that profit from these exorbitant prices.
Though New York City has public matching funds that allow small donors to have a larger voice in the campaign, big money still wields tremendous power over the city’s politics. Despite this fairly democratic and even-handed approach to elections, the mayoral race remains mired in a swamp of dark money from outside super PACs. Americans’ disdain for this unaccountable corporate money in races is growing, but due to the nature of Citizens United, the money continues to flow.
City for sale
Former New York Governor Andrew Cuomo has made a career of doing the bidding of the real estate lobby and lining his pockets with their money. He first gained national prominence as Bill Clinton’s Secretary of Housing and Urban Development (HUD) in the 1990s.
Throughout that decade, Cuomo helped oversee HOPE VI, a federal program that gave cities grants to replace dilapidated public housing with “mixed-income” developments. The policy became law in 1998 with the Quality Housing and Work Responsibility Act, signed by Clinton, and led to a sharp increase in public housing demolitions. In total, the number of public housing units was reduced by about 370,000 nationwide.
During his tenure at HUD, Cuomo maintained a close relationship with Fannie Mae and Freddie Mac, aggressively pushing them to expand home loans to low-income Americans—even when many borrowers could not afford them. This expansion of risky lending practices helped lay the groundwork for the 2008 housing crisis, which pushed millions of working-class families out of their homes and communities.
All the while, he was bankrolled by the billionaires and corporations that benefited from the destruction of public housing and the commodification of real estate more broadly. He even received money directly from real estate developer Donald Trump to the tune of $64,000. Trump’s campaign cash came with the implicit understanding that Cuomo would serve his interests specifically and the interests of the landlords, developers, and the real estate industry more broadly.
As governor, Cuomo oversaw a massive increase in rent prices, with state averages rising nearly 52%. For Black and Asian residents, it was even steeper, nearly doubling. Unsurprisingly, New York’s homeless population increased from 37,000 to 52,000 in the same period. Cuomo consistently sided with real estate moguls over the millions of New Yorkers struggling for affordable housing.
In his current mayoral run, Cuomo has become the poster child for the real estate industry. Major developers have lined up to back him: the Durst Organization gave $100,000; Peter Fine, whose firm faced 16 housing violation lawsuits in a year, gave $250,000; John Fish of Suffolk Construction, donated $250,000; Fisher Brothers, once linked to a corruption probe Cuomo buried, gave $100,000; Halmar International, eyeing Penn Station contracts, gave $250,000; Bruce Ratner, developer of Atlantic Yards, added $36,000; and Steven Roth of Vornado, with 34 million square feet in city holdings, gave $150,000.
Cuomo is backed by multiple super PACs funneling millions into his campaign. He received $2.5 dollars from “Housing for All,” a deceptively-named super PAC funded by the New York Apartment Association which has consistently pushed for rent hikes. His main super PAC, “Fix the City,” has raised $11 million, with real estate being the largest contributing industry. Cuomo even lost out on public financing because he directly coordinated with his super PAC—a clear campaign violation.
Cuomo tried to brush off these concerns at the first mayoral debate, claiming, “I don’t care who gave me what, I do what is right.” He has condescendingly tried to obscure the glaring reality that money directly shapes policy decisions.
It’s clear Cuomo’s political career was catapulted by the wealth of landlords, developers, and real estate lobbyists. He is still bankrolled by them and would serve their interests to the detriment of working-class New Yorkers.
Progressive housing
On the other side of the Democratic Party, several progressives have vied for the left flank of the party. Current polling shows Zohran Mamdani emerging as the major challenger to Cuomo, with Brad Lander and Adrienne Adams behind. These candidates have received endorsements from labor unions, as well as the Working Families Party.
Mamdani has promised to freeze the rent on all rent-stabilized apartments, which could have a ripple effect on housing prices throughout the city. He also wants to invest in public sector development by doubling the city’s capital investment in major renovations of NYCHA housing and HPD’s senior affordable rental homes.
Lander pledged to declare housing an emergency and build 500,000 new units. He even floated the idea of converting four of the city’s twelve golf courses into affordable housing projects.
Adams has emphasized that new housing development must reduce reliance on fossil fuels and private cars, prioritizing sustainability and transit access. She also advocates for a housing-first approach to end homelessness.
Mamdani and Lander stand out in the crowded field as two candidates that have sworn off big money donations from real estate. Adams has accepted money directly from a PAC named Taxpayers for an Affordable New York, which is operated by the Real Estate Board of New York (REBNY).
Even the most progressive candidates are constrained by the gargantuan influence of real estate in New York. All the candidates have publicly supported the controversial City of Yes rezoning initiative led by Mayor Eric Adams. This program was pitched as a way to increase the supply of housing in a city suffering from a shortage crisis. However, neighborhood housing advocates and tenant union representatives have argued that it will only create unaffordable housing. This reflects the systemic limitations of democracy in a society ruled by capital.
Toward socialist housing
Though these progressives offer a better path than the disgraced former governor, the working class cannot rely on Democratic Party politicians to enshrine housing as a human right. As long as housing is a commodity rather than a need, it will never be guaranteed for all. Achieving that goal will take more than casting a ballot—it will require organized mass struggle.
Actions such as organizing tenants unions, building coalitions, rent strikes, popular education, public pressure campaigns, and direct action against evictions will be crucial to engender housing justice in the United States.
Our own history of struggle can elucidate examples such as the 1918-1920 rent strikes in New York, Unemployed Councils directly blocking evictions during the Great Depression, and the Chicago Freedom Movement in the 1960s to end segregated housing and push for better conditions.
To imagine a more just housing system, we can simply turn to successes around the world. Social housing in Vienna keeps rent costs low; Venezuela has built over 4.5 million free or low-cost homes; Cuba capped rents at 10% of income; and the Soviet Union guaranteed housing as a right in its 1977 Constitution.
The American working class will ultimately determine what housing justice in the United States looks like through its struggles against the landlords, developers, and real estate interests. Not a single profiteer ever carried the steel, laid the brick, or wired the electric. So why do they own our city?
As with all op-ed articles published by People’s World, this article reflects the views of its author.
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