“Uninvestable.” That’s how Exxon Mobil CEO Darren Woods on Friday described Venezuela under the current socialist regime. It’s also what Mayor Zohran Mamdani and his comrade Cea Weaver plan to make New York City’s housing market.
As rent restrictions drive thousands of apartment buildings across the city into disrepair and threaten a cascade of foreclosures, Mr. Mamdani has tapped Ms. Weaver to implement his goal of “decommodifying” housing. Their plan: Drive out private investors by making it impossible to turn a profit and keep properties in serviceable condition. Then the government will seize the buildings and hand them over to tenant collectives and nonprofits to manage under communal ownership.
This may not get that far, as Mamdani may first be impeached, but it is good to have this persective to understand the Mamdani Process.