Manhattan rents jumped near record high in month before Zohran Mamdani’s win, as supply remains low

Manhattan rents reached near record highs in October, the month before Zohran Mamdani's mayoral election win, with the median rent on new leases at $4,600. This represents a 7.1% increase from the previous year and a 1.1% monthly rise, making it the third-highest figure on record. This trend also affected other boroughs, with Brooklyn and Northwest Queens experiencing significant rent increases. The surge in rents is attributed to low housing supply and high demand from apartment hunters, despite it being a season when prices typically cool. Housing affordability was a central issue in Zohran Mamdani's campaign, where he promised measures such as freezing rents on stabilized apartments and increasing affordable housing projects. A significant majority of New York City voters identified housing costs as a major problem. Mamdani's campaign included a "Yes In My Backyard" (YIMBY) initiative aimed at significantly increasing the number of affordable housing units. Mayor Eric Adams had previously advanced proposals to streamline the housing approval process by granting more power to the mayoral office, facing opposition from some City Council members. The article notes that despite concerns about Mamdani's platform, there is no indication of a... download the app to read more