Mamdani's Massive Real Estate Swindle Just Took a Huge Step Forward

New York City's Commie-Islamie Mayor Zohran Mamdani imposed a rent freeze earlier this year, and now the nation's two biggest mortgage backers just made it "impossible or extremely difficult for landlords to get financing."
City Reporter's Greg David noted on Monday that "Government-backed Fannie Mae, which has become the lender of last resort for private rent-regulated buildings, has toughened its underwriting standards since the rent freeze passed in June. Freddie Mac, the other government-backed lender, has instituted a 'pause' on new loans while it assesses the impact of the freeze."
David said the decision will result in "severe consequences" for two kinds of apartment buildings. They include "Older, almost entirely rent-regulated buildings that are already under severe financial distress," and "Buildings composed of all affordable units built with city help whose finances are also deteriorating."
Rafael Cestero, CEO of Community Preservation Corp., told David that CPC will make 50% fewer loans to all-affordable projects than it did just two years ago. “I don’t know of any one [who] is making loans on private rent-regulated buildings,” Cestero said.
It's funny what happens when you freeze rents on dwellings that were barely making any money to begin with — if that — and now need repairs, upgrades, or refinancing.

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All is proceeding exactly as I — and so very many others — have foreseen.
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AEI's Howard Husock warned last summer that the "endgame" of Mamdani's war on landlords "could well be what Mamdani promised in his campaign: housing socialism for thousands of apartments, which would move into city ownership or nonprofit ownership enabled by the city taking and disposing of apartments."
"An estimated 50,000 apartments are being left vacant," Husock added, "because renting them means operating at a loss, thanks to the costs of code compliance."
With owners of rent-controlled apartments losing an estimated $120 per unit per month, Mamdani's rent freeze, basic maintenance costs, and inflation will likely force even more units off the market.
If Mamdani succeeds, it could prove to be one of the biggest real estate swindles of all time, paid for by taxpayers and ultimately shouldered by the city's worst-off. ….

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