November brings big changes for some of The Real Deal’s markets.
New York City begins saying goodbye to Mayor Eric Adams, who dropped his reelection bid in September after months of trailing in the polls.
In the final stretch of the mayoral election, Democratic nominee and frontrunner Zohran Mamdani made his case to business crowds, assuring that alongside his pledge to freeze rents for stabilized tenants, he’s also looking to fix the city’s property tax system and help landlords reduce costs.
Former Gov. Andrew Cuomo, who’s running as an independent, has promised to build 500,000 units, in part by overhauling the Department of Housing Preservation and Development. He has repeatedly said he would initiate construction of these “simultaneously,” raising questions about capacity and available subsidies.
Curtis Sliwa, the Republican nominee, resisted increasing calls for him to drop out of the race to give Cuomo a better chance of beating Mamdani. Sliwa has touted his opposition to the City of Yes for Housing Opportunity, the centerpiece of the Adams’ administration’s housing agenda, which included several zoning changes aimed at making housing construction easier in the city.
Four of the six ballot measures in New York also focus on streamlining housing and other land use-related approval processes. Three of those questions have proven highly controversial and are seen by the City Council as a threat to members’ authority over development in their districts. Some of the questions would remove the City Council’s vote on certain projects that go through the city’s land use review process, and one of the measures would create an appeals board that could override the Council’s rejections of housing projects.
A whopping 13 candidates are vying for [mayor of Miami], with six political veterans who seemingly have the upper hand
over the seven newcomers. As of print time, there isn’t a clear frontrunner.
One of the questions asks voters if local elections should be moved to even years, coinciding with presidential elections. Another proposal, if approved, would change the state constitution to retroactively allow ski trails in the Olympic Sports Complex in Essex County. As a condition of approval, the state must add 2,500 acres of protected forest land to Adirondack Park.
Miami is also getting a new mayor, after a state court ruled in July that the city cannot delay its elections by one year. The City Commission had voted to move elections to even years, which would have meant one more year in office for Mayor Francis Suarez, who is term-limited out of office.
A whopping 13 candidates are vying for Suarez’s job, with six political veterans who seemingly have the upper hand over the seven newcomers. As of print time, there isn’t a clear frontrunner.
Real estate donors have thrown support behind Miami City Commissioner Joe Carollo and Miami-Dade County Commissioner Eileen Higgins. Some prominent developers have also contributed to the campaigns of ex-Miami City Manager Emilio Gonzalez, ex-Miami Mayor Xavier Suarez and former city commissioners Ken Russell and Alex Diaz de la Portilla.
Meanwhile, in Miami Beach, Commissioner Kristen Rosen Gonzalez is challenging Mayor Steven Meiner. Airbnb investor Brian Ehrlich is competing for Rosen Gonzalez’s commissioner seat, as is Daniel Ciraldo, former executive director of the Miami Design Preservation League. Attorney Monique Pardo-Pope and realtor Ava Frankel are also running.
Another real estate investor, Fred Karlton, is challenging Commissioner Laura Dominguez for her seat.
In Bexar County, Texas, the November ballot will determine whether the county should increase its hotel occupancy tax to help fund a new arena for the San Antonio Spurs and to redevelop the San Antonio Stock Show and Rodeo grounds. Two proposals seek to use that increase, as well as revenue from an extended rental car tax, to provide $311 million toward the arena and $197 million toward the grounds.
Consequential races are on the horizon next year for some of TRD’s other markets as well, and lines are being drawn. Los Angeles Mayor Karen Bass is up for reelection, and some challengers are already getting in the race. Developer Rick Caruso, a persistent critic of Bass, has left the door open to challenging the mayor next year or running for governor. Real estate players have also donated to Antonio Villaraigosa’s bid to replace Gov. Gavin Newsom.
Illinois Gov. J.B. Pritzker launched his reelection bid in June, although he has not ruled out a run for president in 2028.
—Francisco Alvarado, Lauren Elkies Schram and Isaiah Mitchell contributed reporting
