{"id":1661,"date":"2026-08-05T17:52:28","date_gmt":"2026-08-05T17:52:28","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=1661"},"modified":"2026-08-05T17:52:28","modified_gmt":"2026-08-05T17:52:28","slug":"socialism-is-a-disaster-bill-ackman-says-zohran-mamdanis-bad-left-wing-housing-policy-is-worsening-new-yorks-affordability-crisis","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=1661","title":{"rendered":"‘Socialism is a disaster’: Bill Ackman says Zohran Mamdani’s bad left-wing housing policy is worsening New York’s affordability crisis"},"content":{"rendered":"

<\/p>\n

Bill Ackman has a diagnosis for why it\u2019s so expensive to live in New York City, and it isn\u2019t capitalism \u2014 it\u2019s City Hall.<\/p>\n

\n

In a wide-ranging interview with Fortune Editor-in-Chief Alyson Shontell for the\u00a0Fortune 500 Titans and Disruptors of Industry<\/em>\u00a0podcast series, the Pershing Square CEO argued that New York\u2019s affordability crisis is a policy failure, not a market one \u2014 and that Mayor Zohran Mamdani\u2019s rent-freeze agenda is actively making things worse.<\/p>\n

\u201cLet\u2019s use New York City as a microcosm, starting with the cost of housing,\u201d Ackman told Fortune<\/em>. \u201cIt\u2019s so high because left-wing mayors have made it very difficult for developers to build here, and Mamdani, by freezing rents, is just going to make the problem worse.\u201d<\/p>\n

The comments land months after Mamdani, a self-described democratic socialist, took office and delivered on a signature campaign promise: in June, New York City\u2019s Rent Guidelines Board voted 7-1 to freeze rents on one- and two-year leases for nearly one million rent-stabilized apartments \u2014 the first such freeze on two-year leases in the city\u2019s history. Mamdani called the vote \u201ca historic victory for New York City tenants.\u201d Ackman sees it differently.<\/p>\n

A market split down the middle<\/h2>\n

Ackman\u2019s core argument is structural: New York\u2019s rent-stabilization system, he says, has effectively split the housing market in two \u2014 and landlords are compensating for frozen income on one side by squeezing tenants on the other.<\/p>\n

\u201cIn many New York City buildings, roughly half the tenants are in rent-stabilized apartments with frozen rent, and the other half are at market rate,\u201d Ackman said. \u201cSo landlords raise rents on the free-market half to generate enough cash flow to cover their interest expense. That\u2019s bad policy contributing to the affordability problem.\u201d<\/p>\n

He also pointed to a specific consequence of rent regulation that he says has quietly removed housing stock from the market altogether: landlords pulling units offline because they can\u2019t recover renovation costs under current rules. \u201cAbout 60,000 units are off the market because renovation costs can\u2019t be recovered under rent regulations,\u201d he said. As of April 2026, the state reported over 57,000 vacant rent-stabilized apartments. <\/p>\n

Advocacy groups and city data have long tracked a large inventory of vacant rent-stabilized units, though the underlying causes are contested. Tenant groups and some housing researchers argue deregulation, not stabilization, has done more long-term damage to affordability, noting more than 300,000 units were deregulated between 1994 and 2019. A Moody\u2019s analysis cited by tenant advocates found a five-year rent freeze would put only about 6% of multifamily loans citywide at risk of default by 2030.<\/p>\n

Energy costs and the build-more argument<\/h2>\n

Ackman extended the same critique to New York\u2019s energy costs, which he also attributed to policy choices rather than market forces. \u201cWhy are energy costs so high in New York State? Because we\u2019ve shut down nuclear power, it takes 15 years to get a pipeline approved, and we\u2019ve banned fracking \u2014 so we\u2019re importing natural gas from Pennsylvania. That\u2019s just bad policy, and we can fix a lot of it with better policy.\u201d<\/p>\n

Ackman may have been referring to the Constitution Pipeline, which filed for approval in 2012 only to see New York\u2019s DEC deny the required water-quality permit in 2016, the Second Circuit upheld that denial in 2017, and after years in regulatory limbo the company withdrew its application entirely in November 2025 \u2014 roughly 13 years after the process began, with the pipeline never built.<\/p>\n

On real-estate policy, he held up two contrasting examples. Florida, he said, is \u201can incredibly well-managed state that recently voted to eliminate real estate taxes, purely through good policy.\u201d That\u2019s a bit on exaggeration, although essentially true \u2014\u00a0the Florida state legislature has placed a property-tax-reduction measure on the November 2026 ballot and it still requires 60% voter approval; it would phase in a larger homestead exemption rather than eliminate property taxes outright.<\/p>\n

Austin, Ackman noted, has seen rents fall \u201csignificantly because it\u2019s easy to build\u201d \u2014 a supply-side argument echoed by researchers who have called New York\u2019s housing shortage \u201cself-inflicted and solvable\u201d through zoning and permitting reform. That\u2019s not an exaggeration, as Austin rents have been falling for several years. <\/p>\n

Ackman takes a clear lesson from these examples: \u201cIf you make it hard to build where people want to live, and you don\u2019t let landlords recover renovation costs, they\u2019ll pull units off the market.\u201d<\/p>\n

The wealth he wants to keep \u2014 and the tax he doesn\u2019t<\/h2>\n

Ackman\u2019s housing critique is inseparable from his broader argument about who should be welcomed in the city. He pointed approvingly to billionaire Ken Griffin investing in the city, and paying roughly $250 million for an apartment (the subject of a controversial Mamdani TikTok video). \u201cThat purchase makes a building economically viable, which creates construction jobs and brings in wealthy residents who pay taxes,\u201d Ackman argued. <\/p>\n

\u201cYou want the top earners \u2014 who are a small share of the population \u2014 paying a large share of taxes,\u201d he said, estimating that the top 10% of earners generate 70% of tax revenue. \u201cThat\u2019s not particularly unfair. But you don\u2019t want to discourage people like Elon Musk from locating their businesses here.\u201d<\/p>\n

He drew a direct line from that principle to his opposition to Mamdani\u2019s other major revenue idea, a \u201cpied-\u00e0-terre\u201d tax on second homes owned by non-residents, and to California\u2019s wealth tax, warning that such levies rarely stay contained. \u201cThey say it\u2019s \u2018one time,\u2019 but it\u2019s never one time,\u201d Ackman said. \u201cIncome taxes started out small too and only applied to a few people.\u201d Recent Fortune<\/em> reporting has separately noted that Mamdani\u2019s pied-\u00e0-terre tax push has run into complications tied to the city\u2019s large population of unregistered \u201cghost cars\u201d and absentee owners, underscoring how difficult such levies are to enforce in practice.<\/p>\n

When addressing socialism, Ackman didn\u2019t hedge: \u201cThe answer isn\u2019t socialism \u2014 socialism is a disaster.\u201d Then he issued a warning: \u201cWatch what happens to New York City if Mamdani succeeds in implementing these plans.\u201d Ackman\u2019s public posture toward Mamdani dates back to the mayoral primary, when Ackman pledged to fund a centrist alternative and called Mamdani\u2019s platform \u201cdisastrous for NYC.\u201d<\/p>\n

A billionaire\u2019s case for capitalism<\/h2>\n

The housing critique is part of a larger argument Ackman made throughout the interview: that capitalism, not government redistribution or philanthropy, is the most efficient tool for solving affordability and inequality. Ackman has long argued that a person\u2019s significance in life is ultimately measured by how positively they affect the largest number of people.<\/p>\n

He also connected the debate to a broader worry about the \u201cwealth effect\u201d of equities investment: nearly half of Americans aren\u2019t participating in stock-market gains, and Ackman traces this dynamic back to support for candidates like Mamdani. Rather than argue America is too reliant on stock-market wealth, Ackman took the opposite view: \u201cWages can\u2019t compound as quickly as stocks, so everyone needs to participate in the stock market in order to believe in capitalism,\u201d Ackman said \u2014 the rationale he\u2019s given for pitching the Trump administration on what became the \u201cTrump savings plan,\u201d a 401(k)-style account with a government match aimed at workers without employer retirement plans.<\/p>\n

Whether Ackman\u2019s diagnosis holds up against the city\u2019s own housing data remains contested, but as Mamdani\u2019s rent freeze takes effect, the fight over who\u2019s to blame for New York\u2019s affordability squeeze is only getting louder. Ackman, with 2.7 million followers and a direct line to the White House, isn\u2019t planning to go quiet.<\/p>\n

For this story,\u00a0<\/em>Fortune\u00a0journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.<\/em><\/p>\n

Watch Fortune\u2019s full interview with Bill Ackman, here.<\/p>\n<\/div>\n

#Socialism #disaster #Bill #Ackman #Zohran #Mamdanis #bad #leftwing #housing #policy #worsening #Yorks #affordability #crisis<\/p>\n","protected":false},"excerpt":{"rendered":"

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