Why Does Real Estate Support Democrats?

New York City is a blue town when it comes to politics. And that’s making for an uncomfortable tension for real estate donors. 

Two recent stories highlight this dynamic: First, residential broker Jason Haber and the team behind the American Real Estate Association have launched a new organization that will be trying to raise political donations and mobilize voters who work in real estate. Haber says that one of the group’s priorities will be advocating for an open primary in New York, since many in the industry are registered as independents. 

Second, the New York Post highlighted the extent to which real estate executives have donated to Gov. Kathy Hochul’s re-election campaign compared to the paltry amount of real estate donations her opponent, Republican Bruce Blakeman, has garnered. The Post quoted State GOP Chairman Ed Cox saying those donors are likely feeling “burned” given that Hochul supported the pied-à-terre tax.

So why did those industry execs donate to Hochul? One reason to support the Dems is obvious: they are in control. Appealing to them and making nice is a real strategy to gain influence and curry favor. 

That was a key source of tension in my feature this month on landlord social media personality and aspiring lobbyist Humberto Lopes. Lopes boasts about the support he’s gotten from several politicians, but they are all Republicans. And in New York, what good is a Republican? 

But there are other reasons that real estate folks likely support Democratic politicians. One is that the Democratic Party is more liberal on social issues, such as abortion, and has generally been more accepting of racial, ethnic and religious diversity than the Republican Party has been. 

“You weren’t going to cocktail parties and saying you weren’t pro-choice or you were against gay rights,” said Jay Martin, a public relations consultant who has worked with various real estate and landlord clients.
 “It wasn’t good business practice to do that or be that way in New York City. It’s just not.”

“You’re a turd in the punch bowl, for lack of a better term, if you’re out there saying, you know, ‘MAGA-this,’ and ‘MAGA-that’” Martin added.

Those pressures are still real, but wins by candidates backed by the Democratic Socialists of America could change the calculus for real estate figures. Those lefty candidates are more antagonistic toward business interests and capitalism in general, and are coming after the money fueling the real estate industry. That’s causing many in real estate to consider this question, Martin said. Why are we supporting Democrats?

The DSA is similarly having conversations about its role in electoral politics, as highlighted by a New Yorker article this week. Internally, members have been discussing whether it’s worth winning elections in exchange for ideological compromises. 

In New York, much of that conversation has centered on housing and real estate, including public housing, as I wrote about in a July feature on the city’s tenant movement. 

“Yes, we believe we played a huge role in electing this mayor. We also don’t think that means we’re going to get everything that we want,” Sasha Wijeyeratne, executive director of CAAAV, a tenant advocacy group, told me for that story. “We are actually trying to figure out how we win, what we need to win.”

It seems real estate is doing the same. 

What we’re thinking about: Who will win the battle for the soul of the Democratic Party? Send thoughts to lilah.burke@therealdeal.com. 

A thing we learned: Jed Walentas, of Two Trees Management and chair of the Real Estate Board of New York’s board, donated $129,600 to the Hochul-led New York State Democratic Committee in August of this year, the Post reported. Walentas was not quoted in the story. 

Elsewhere… 

— Federal law enforcement, along with state regulators, probed multiple New York City adult day cares Tuesday, targeting suspected fraud, amNY reported. 

— Super PACs backed by the sports betting industry have spent nearly $8.3 million on New York political races in 2026 so far, New York Focus reports. One of those super PACs, funded almost entirely by FanDuel and DraftKings, has spent over $3.5 million since the June primary — the second-highest sum of any super PAC this general election cycle.

— Former New York State Assembly member Ari Espinal was arrested earlier this month on felony charges alleging she stole more than $30,000 from a labor union, Politico reports. Espinal “remains a fixture in New York politics” despite serving only eight months in the state Assembly in 2018 and was arraigned on Oct. 7 on a grand larceny charge, according to the outlet. 

Closing time

Residential: The most expensive residential sale recorded Tuesday was $25.8 million, 4.6 percent over list price, for a 5,516-square-foot, sponsor-sale condominium at 255 East 77th Street. Alexa Lambert, Alison Black and Shelton Smith with Compass represented the developer Naftali Group in the transaction. 

Commercial: The most expensive commercial transaction was $11.5 million for adjacent mixed-use buildings at 800-802 Lexington Avenue in Lenox Hill. Combined there are 13,764 square feet and 18 total units. The walk-up buildings were both built in 1910. 

New to the Market: The highest price for a residential property hitting the market was $25 million for a 5,500-square-foot co-op at 200 Central Park South. Brandon Bogard and Mallory Bogard with Serhant and Carol Raskin and Mark Raskin with Compass co-listed the unit. 

Breaking Ground: The largest new building permit filed was for a proposed 80,868-square-foot, 99-unit project at 160 Pearl Street in the Financial District. Navkiran Cheema of KMA Designs filed the permit on behalf of developer Revamp NYC.

— Matthew Elo