Hey maybe mamdamuslim will legit improve things.I wish him the best.
Actually, given past precedent, I'm 100% inclined to believe that Mamdani will follow in Adams and De Blasio's footsteps: talk up a huge progressive game during the campaign season, get sworn into office after New Year's, witness all the corruption firsthand, go dollarsigneyes.gif, and then play into vested institutional interests to line his pockets. Actually, it's getting increasingly likely that Mamdani will have genuine barriers to achieve even an iota of his policy "goals."
Before moving to Texas,
Louis Rossmann made an
assload of videos where he evaluated commercial real estate to find a new office space, and this led to an interesting rabbit hole he fell down: apparently, going as far back as 2020, the commercial real estate market in NYC's been kicking the can down the road.
TLDW is that there's another mortgage-backed securities bubble, significantly bigger in scope to 2008's subprime mortgage crisis, but it's happening in
commercial real estate this time. Delinquencies in commercial real estate are getting incrementally bigger and bigger, people are outright refusing to keep paying, commercial real estate keeps accumulating due to business closures and sky-high vacancy rates even before the pandemic, a ton of spaces still remain comically overpriced despite being a sweatbox the size of a walk-in closet because landlords can't negotiate rents downward without owing the banks hundreds of thousands or millions of dollars to make up for the lack of expected rent, the list goes on and on.
This is a
huge problem for New York City because we have over a
third of our budget coming from property taxes (commercial and residential). The subprime mortgage crisis already hit New York City like a fucking freight train, and we still haven't quite recovered in terms of the real economy and QOL since then. When the commercial real estate market bubble thingamabob pops?
Hoo boy are we in for a painful time. If it collapses under Mamdani's tenure, at least I can forget the pain by laughing at how the self-professed democratic socilaist upstart inherited a real estate crisis that would bankrupt the whole city in a matter of seconds.
