Blank Rome partner and co-chair of the firm’s Real Estate Industry team Massimo F. D'Angelo recently joined Bloomberg TV’s The Close to discuss Mayor Zohran Mamdani’s impact on New York real estate.
During the interview, Massimo addressed the Rent Guidelines Board’s vote to freeze rents, outlining the near- and long-term implications of a rent freeze for property owners and landlords across the city.
He also briefly discussed New York City’s proposed Community Opportunity to Purchase Act (“COPA”), a topic he has previously written about, explaining how the legislation would have disrupted private multifamily transactions by requiring owners to pause sales and offer a right of first refusal to city-certified nonprofits. Massimo noted that the proposal raised serious constitutional concerns, particularly around the compelled sales process, which ultimately contributed to the City Council pulling back the legislation before it could face legal challenge.
Finally, Massimo reflected on historical parallels, pointing to past governmental clashes, such as those between Mayor Fiorello La Guardia, power broker Robert Moses, and President Franklin D. Roosevelt, and the lessons they offer as New York once again grapples with urgent housing and infrastructure demands.
To watch the interview, please click here (1:16:00 - 1:22:14).