Flagstar CEO Otting Says NYC Banks Must Face Mamdani Reality

Flagstar Financial Inc. Chief Executive Officer Joseph Ottingis preparing for Zohran Mamdani’s New York City.

Mamdani, the Democratic Socialist who’s the frontrunner in New York’s mayoral race, has centered his campaign on making housing affordable and proposed freezing rents. That has caught the attention of firms like Flagstar, a major lender to owners of apartment buildings in the city.

“I think Mamdani has ran an unbelievable campaign,” Otting, the former US comptroller of the currency, said Tuesday at the Barclays Global Financial Services Conference. “We all have to live with the reality as he could become the mayor ...