IS MAYOR ADAMS MOVING TO D.C.?

If Trump had his way, he most certainly would be, as it is no secret that Trump is no fan of Mamdani!

As we enter September 2025, New York City finds itself at another moment of high drama and potentially deep consequences—especially at the intersection of politics and real estate (nothing new for our city). Swirling speculation suggests that Mayor Eric Adams might withdraw from the 2025 mayoral race. Reports from various news sources indicate that White House insiders may have floated positions to Adams in order to clear the field for a one-on-one showdown between Andrew Cuomo and Zohran Mamdani.

Some sources say Trump and his advisers set a tight deadline—ten days—for long-shot candidates like Adams and Curtis Sliwa to bow out, aiming to defeat Mamdani, the reigning Democratic primary winner. Across the private sector, real estate leaders are rallying behind Adams or Cuomo, concerned that Mamdani’s platform would destabilize investment and property values.

Mamdani is riding a wave of support grounded in affordability and, primarily, housing—a hot-button issue for many New Yorkers. His agenda includes rent freezes on stabilized units. His campaign’s resonance reflects New Yorkers’ frustration with soaring rents and persistently tight vacancy rates. To many in the real estate industry, though, such proposals raise alarms. Critics argue that public housing expansion and rent control could undermine landlord viability, dissuade new development, and echo the fiscal crisis of 1970s NYC. Cuomo is taking a more centrist path on housing, while Adams continues the “City of Yes” pro-development posture, which appeals to investors and developers.

While the Mayor of New York City cannot control everything citywide, if you work in real estate, as I do, you learn quickly that mayors are de facto chief operating officers of the housing market. They can’t control interest rates or Wall Street, but they do control the levers that decide whether properties actually get built, whether downtowns feel alive at 10 p.m., and whether a block feels clean, safe, and worth investing in.

Great lessons can be learned in tackling housing-related issues from the mayors of our large sister cities across the U.S.:

Los Angeles has taken a “cut red tape, build housing” mantra and made it operational. Mayor Karen Bass accelerated approvals for 100% affordable housing citywide, slashing permit wait times and pushing more than 25,000 units through the pipeline—a change now credited with helping homelessness fall for a second straight year, with unsheltered homelessness in the City of L.A. down 7.9% in 2025. The adaptive-reuse rule the city adopted in 2024 is also fueling conversions, with thousands of apartments in the works from former offices.

Denver Mayor Mike Johnston hit his “House1000” goal in 2023 and scaled it into All In Mile High, which cut large homeless encampments by 98% while moving thousands indoors. At the same time, Denver is lining up funding mechanisms for office-to-residential conversions downtown, which are not only satisfying heavy demand but also increasing investor confidence.

Boston Mayor Michelle Wu launched (and then expanded) a Downtown Office-to-Residential Conversion program with additional incentives in 2024. By early 2025, the metro had roughly 3,000 units (a lot for Boston) in the conversion pipeline, supported by generous city backing and deadlines that force momentum.

Mayor Lurie of San Francisco—probably the most similar to NYC in terms of housing challenges—has streamlined approvals to speed up housing. The policy pivot is already unlocking projects and, crucially, cutting time out of the development gridlock, which is hugely important in a high-cost market where months equal millions! He also launched PermitSF in early 2025, which aims to simplify the city’s notoriously complex permitting process.

 While much has been achieved in all of these cities (and in New York), the common theme among their programs is increased inventory (as opposed to rent freezes). Critics of rent-freezes say that they are likely to result in higher costs in the fair-market rental world and decreased servicing of older, stabilized buildings. Costs don’t disappear; they simply shift to another party.  We saw what happened when buyer broker commissions were shifted to landlords (a 15% increase in rental prices across the board the first week!).

Economic and political opinions aside, we reside in a city where politics, power, and property are inseparable, and this election may well shape New York’s skyline—among other things—for many years to come.

Have a reflective, safe, and superb weekend!

Best, Michael

Question of the Day

Are you in a hurry to get to Boston or DC from New York, or one of the other vice versa?

Local News

NYC is getting its first all-Indian cocktail bar, with butter chicken-inspired drinks

Cocktails taste like butter chicken and saag paneer at NoMad newcomer INDN

Move over, espresso martinis—New York nightlife just got a heavy hit of garam masala. Opening in NoMad, INDN bills itself as the city’s first "all-Indian cocktail bar," and it’s not shy about its mission: to bring the bold, spicy, and downright playful flavors of Indian cuisine into your glass.

The project comes from Simran “Sim” Bakshi and Kanika Vij, as well as Kanika’s father, Vicky Vij, the man behind Midtown’s beloved Bukhara Grill and one of New York City’s most prolific Indian caterers. Together, the trio is mixing decades of hospitality cred with a new-school vision of Indian dining that’s equal parts serious and cheeky.

🏙 Say hello to INDN—the new NoMad bar bringing India’s boldest flavors to your glass.

🥂 Sip the full story in the link below!

More Info: CLICK HERE

You can tee off right in the middle of

Rockefeller Center

Rockefeller Plaza goes full golf mode with free swings, live broadcasts

and Ryder Cup buzz

New Yorkers, forget the range: In a few weeks, the first tee comes to you. From Thursday, September 25, through Sunday, September 28, Rockefeller Plaza will transform into a pop-up playground for Ryder Cup Live, complete with a Toptracer simulator that recreates the nerves (and the glory) of piping one down Bethpage Black’s intimidating opening fairway. It’s free, it’s public, and yes, you get only one shot—just like the pros feel when the grandstands are roaring and the cameras are rolling.

Here’s how it works: Anyone can pre-register (or simply walk up) to take a single swing from the “First Tee Experience.” Scores are recorded on-site, and a live leaderboard will pull names from the Ryder Cup app registration. Make the fairway and you’ll qualify for the long-drive board; miss it and, well, you’ve got a great New York golf story. Leaderboards are split into Men, Women, and Juniors, so the whole crew can chase bragging rights.

⛳️ Bethpage Black comes to Midtown—nerves, cheers, and one unforgettable swing.

✨ Get the full scoop at the link below!

More Info: CLICK HERE

Van Gogh’s Starry Nights At NYBG

This summer, the New York Botanical Garden got a Van Gogh makeover with

real sunflowers, live music, and a luminous drone show — but with all good things,

It's now coming to a close.

Get tickets before it closes on September 13th!

Summer is almost over, and what better way to celebrate than to dive into a plethora of flowers? NYBG presents an “unforgettable world of art and nature” where Van Gogh’s work is magnified.

Through September 13th, wander through a vibrant lawn of yellow blooms, dance to live music and performers, and stare in awe at the night sky with the illuminated “Van Gogh’s Starry Night” inspired drone show. NYBG captures Van Gogh’s work in unexpected ways this season, and you don’t want to miss out.

🌻 Wander through fields of flowers by day, then look up as drones paint the night sky.

✨ Don’t miss the last blooms—see details below!

More Info: CLICK HERE

Michael J. Franco

Lic. Assoc. R.E. Broker

M: 917.817.4122

mfranco@compass.com