Primary election for New York City mayor puts housing on ballot
The primary election for New York City’s next mayor is Tuesday, and the winner's policies could affect housing in this pricey metropolitan area.
According to Ballotpedia, 11 candidates are running in the Democratic primary: City Council Speaker Adrienne Adams, educator and business leader Selma Bartholomew, former state Assemblyman Michael Blake, former Governor Andrew Cuomo, city comptroller Brad Lander, state Assemblyman Zohran Kwame Mamdani, state Senator Zellnor Myrie, artist Paperboy Prince, state Senator Jessica Ramos, former city comptroller Scott Stringer, and businessman Whitney Tilson. Mayor Eric Adams is running as an independent.
A poll Emerson College released Monday suggested that Cuomo and Mamdani were leading with 36% and 34% of the vote, respectively. Both candidates have spoken on how they would make housing more affordable.
Cuomo, who resigned as governor in 2021 amid sexual harassment allegations he has denied, announced his housing plan in April. It includes:
- Building or preserving 500,000 new homes in the next 10 years, most of which would be affordable housing. Cuomo would fund the construction through a tax abatement program and increased public subsidies.
- Hopping on the YIGBY movement (Yes, in God’s backyard) by partnering with faith-based institutions for affordable housing.
- Converting office space to housing in specific areas like manufacturing zones and Midtown South, using a tax incentive program.
- Place residents in vacant rent-stabilized apartments.
- Support partnerships to build affordable and workforce housing.
- Increase state-city funding for affordable housing to $5 billion over five years.
Cuomo has also proposed additional renter protections and changes in housing approval and construction.
Mamdani, who represents Queens, outlined his housing plan in February, focusing on protecting renters and building more affordable housing. It includes:
- Tripling the city’s production of publicly subsidized rent-stabilized homes over the next decade by constructing 200,000 homes.
- Expanding programs aimed at building housing for low-income seniors, low-income families, and families at risk of eviction or living in a shelter program.
- Fast-tracking affordable housing developments and increasing the funding and staffing of city housing agencies to accelerate approvals.
- Doubling the funds supporting public housing preservation, using underutilized areas for development like parking lots, and investing in upgrading public housing.
The candidate who secures the most votes on Tuesday will be the Democratic nominee on Nov. 4.
S&P Global: Business activity cools in June amid higher costs
Domestic business activity decreased slightly this month, while prices increased to 2022 levels due to tariffs, according to a survey from S&P Global published Monday.
The analytics company found a slight decrease overall for business activity but a high output for goods. Still, the pace of growth remains “well below” data from late 2024.
Prices “rose sharply” in June. The majority of respondents who reported higher prices attributed it to tariffs.
Overall, there were increases in demand and a lack of workers to meet demand, the survey suggested. Backlogs of work increased to a rate not seen for three years. In response, companies hired additional staff at a higher rate than seen in the past year.
More Americans dine at home
Industry experts report that the kitchen is more important to consumers today. They are increasingly skipping restaurant dining and opting for home-cooked meals amid rising costs.
National grocer parent company Kroger said Friday in its earnings call that more customers are eating at home. This hasn’t been enough to buoy the company, which announced the closure of 60 locations.
It’s not just skipping dining out; it’s also adjusting budgets and maximizing the dollar, food industry companies noted.
Soup giant Campbell’s Co. reported earlier this month that more customers were cooking at home, focusing “their spending on products that help them stretch their food budgets.”
McDonald’s reported on May 1 that it has seen a pullback on visits, especially during breakfast, due to consumer sentiment on inflation and interest rates.
Major homebuilder looks to buy MLB team
A large homebuilding executive signed a letter of intent to drop $1.7 billion for the Tampa Bay Rays, according to media reports the baseball team confirmed.
Patrick Zalupski, CEO of Jacksonville, Florida-based Dream Finders Homes, is leading a group of investors in talks to purchase the Major League Baseball team. Other buyers include Union Home Mortgage Corp. CEO Bill Cosgrove and Ken Babby, CEO of Fast Forward Sports Group and a former Washington Post chief revenue officer.
Dream Finders constructed about 8,500 homes in 2024, according to self-reported data to the trade publication Pro Builder, making it the 11th-largest residential developer in the country. It builds across 10 states, producing townhouses, single-family homes, active-adult communities and luxury properties.
