Despite speculation that Mayor-elect Zohran Mamdani’s progressive platform would trigger an exodus of companies from New York City, RXR Chairman and CEO Scott Rechler says the opposite is happening. Speaking at CNBC’s Delivering Alpha conference, Rechler said, “In our business right now, we are seeing CEO after CEO committing to the city. We’re seeing a record level of leasing in office buildings. And it’s not just for next year, it’s for 2028, 2030, 2032.”
Rechler noted that, despite Mamdani’s campaign rhetoric, the reality is that New York’s governor has held significant fiscal authority over the city since the 1970s financial crisis. He emphasized the importance of the governor acting as a firewall against measures that could undermine New York City’s vibrancy. “The governor has the veto pen on taxes,” said Rechler, adding that the governor has stated income taxes would not be raised under her watch.
