Mamdani’s Rent-Freeze Agenda Sparks Slide in NYC-Linked REITs

Shares of companies linked to New York City real estate fell Wednesday as Zohran Mamdani, a state Assembly member who has vowed to freeze rents, looks all but certain to become the Democratic nominee for mayor.

During his campaign ahead of Tuesday’s primary, Mamdani called for a progressive agenda that also included cheaper groceries at government-owned stores and making city buses free, to be financed in part by tax increases. Former New York Governor Andrew Cuomo, who conceded Tuesday night, has said Mamdani’s plans would spur wealthy residents to leave.

Real estate was the worst-performing sector in the ...