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The sharp selloff in New York office REITs in response to leftist Zohran Mamdani’s upset victory in New York City’s Democratic mayoral primary looks like an overreaction, according to one real estate analyst. Piper Sandler analyst Alexander Goldfarb on Wednesday reiterated an Overweight rating on SL Green Realty one of the two leading New York office real estate investment trusts, along with Vornado Realty Trust He says it’s too soon to call the November election. Mamdani has proposed freezing rents on a large group of city apartments but he hasn’t offered any ideas on office rents.

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(Bloomberg) -- 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.Most Read from BloombergBezos Wedding Draws Protests, Soul-Searching Over Tourism in VeniceUS Renters Face Storm of Rising CostsUS State Budget Wounds Intensify From Trump, DOGE Policy ShiftsCommuters Are Caught in Johannesburg's Taxi Feuds as Transit LagsMapping the Archite

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(Bloomberg) -- Even Zohran Mamdani’s detractors recognize that the vibes are with the 33-year-old democratic socialist.Most Read from BloombergBezos Wedding Draws Protests, Soul-Searching Over Tourism in VeniceUS Renters Face Storm of Rising CostsUS State Budget Wounds Intensify From Trump, DOGE Policy ShiftsCommuters Are Caught in Johannesburg's Taxi Feuds as Transit LagsMapping the Architectural History of New York’s Chinatown“It’s officially hot commie summer,” hedge fund billionaire Dan Loeb

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Shares of New York City office REITs are falling because Zohran Mamdani may be the next mayor. A team of Mizuho analysts wrote on Tuesday that a Mamdani mayorship may “lead to more selective corporate spending / hiring in the city and more out- migration of individuals and families, reducing the need or growth of office leasing.” Mamdani, a Democratic Socialist candidate, has been running on a platform including free public buses, free child care for children from six weeks to five years old, freezing rents for tenants covered by the city’s rent-stabilization program, and opening a city-run chain of grocery stores.

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Shares of several New York-based banks and real estate investment trusts fell on Wednesday as Zohran Mamdani's lead in New York City's Democratic mayoral primary stoked concerns that his proposed rent freeze could pressure building owners. On the campaign trail, Mamdani, a 33-year-old state lawmaker and self-described democratic socialist, vowed to lower costs for New Yorkers as a mayor by freezing the rent for all rent-stabilized apartments. Wall Street analysts have warned that the move could hurt building owners already grappling with higher costs, as constraints on their ability to raise rents might make it more difficult for some to repay their debt.