What’s at Stake for Real Estate in NY’s Tuesday’s Election

Real estate issues are at stake in next week’s election, and industry titans have been watching closely to see if their preferred candidates will win out after a primary cycle that saw many of their best-funded picks fall to upstart challengers fueled by smaller donations and canvassing.

Left-aligned candidates nearly swept their races against some of the industry’s favored candidates, but real estate’s biggest players are still hoping they can shape how remaining contests across the state will play out through sizable individual contributions, independent expenditures and political action committee donations to support campaigns.

Here’s what real estate needs to know about next week’s election.

Statewide

The battle for governor between incumbent Kathy Hochul and Nassau County Executive Bruce Blakeman has drawn interest from industry donors on both sides, as potential changes to tax policy and state laws that make or break real estate deals hang in the balance.

Blakeman has said he would work to put more empty rent-stabilized apartments on the market by pushing to change state laws limiting rent increases, but would face an uphill battle in a Democrat-controlled state legislature if elected. Hochul’s support for housing production through environmental review reforms and direct funding has aligned her with Mayor Zohran Mamdani’s supply-side approach to addressing affordability concerns that propelled him into office, while Blakeman has routinely opposed a vision of higher density for his county and the state at large.

The Real Estate Board PAC gave to a mixed bag of Democratic and Republican legislative candidates across the state, but didn’t cast its lot with a particular gubernatorial candidate this cycle after donating to Hochul in 2022.

Outgoing REBNY Chair Jed Walentas and David Walentas of Two Trees Management each gave $129,600 to the Hochul-led New York State Democratic Committee in August, along with many other high-profile REBNY members. Among other high-dollar donors, Durst Organization gave $60,000, A&E’s Doug Eisenberg gave $20,000 and his wife Wendy gave $30,000. Bill Rudin gave $9,000 to the committee in October alone.

L+M Companies Executive Chair Lisa Gomez gave $2,500 to Hochul’s campaign committee in September, having given a total of $10,000 in three separate contributions since 2024. Hochul named Gomez to the board of the state’s Dormitory Authority in 2022, elevating her to chair of the authority the following year, but a campaign spokesperson confirmed to NY Focus plans to refund those donations.

The New York Apartment Association’s PAC, Leadership for NY, sent $3 million directly to Hochul’s campaign, plus a $1 million independent expenditure through Better Housing Now. Despite the governor’s support for Mamdani’s agenda on key policies including the embattled pied-à-terre tax and universal childcare expansion, the industry appears willing to bet on the incumbent, even as she faces pressure from leftist legislators aiming to tax the rich.

Blakeman, who has campaigned on cutting certain taxes, has found his highest-profile donor in James Dolan, who co-hosted a fundraiser with Witkoff President and Chief Investment Officer Scott Alper for the Republican challenger at Madison Square Garden days before the Knicks raised their championship banner.

A former Hochul supporter, Dolan and his family have given more than $108,000 directly to Blakeman’s campaign and nearly $1 million to the Nassau County Republican Committee that has funneled money into the gubernatorial race. Entities affiliated with Dolan have also given $2 million to the pro-Blakeman Strong and Safe New York super PAC, which has largely comprised independent expenditures for Hochul attack ads.

Strong and Safe New York also supports Saritha Komatireddy, Republican challenger in the race for attorney general against incumbent Letitia James. Real estate families have contributed sizable donations to Komatireddy’s campaign, with direct donations from Thomas, Alice and Sam Tisch, who together gave more than $32,000, along with upwards of $9,000 each from Lloyd Goldman of BLDG Management and Carole Olshan.

AG James has gone toe-to-toe with landlords and REBNY during her tenure as part of a broader crackdown on rent stabilization compliance. She still secured thousands in recent contributions from A&E’s Eisenberg, Marc Holliday of SL Green and Brian Steinwurtzel of GFP Real Estate, along with Fred, Henry and Kamran Elghanayan of TF Cornerstone. Realtors PAC, the Partnership for NYC PAC (plus former head Kathy Wylde), and the Building and Construction Trades Council PAC also contributed to the James campaign.

State Legislative Races

While many of real estate’s biggest names support Democratic candidates, several are registered as independents and others are willing to stray from the party line when weighing policies that impact their business interests.

In the 39th State Senate District, covering parts of Dutchess, Orange and Putnam counties, Republican Rob Rolison faces a challenge from Working Families Party-endorsed Democratic challenger Lisa Kaul. The Construction Industry Council and Realtor PAC each recently gave $1,500 to Rolison’s campaign, along with more than a dozen other companies and individuals with ties to the industry.

Rolison has largely focused on lowering energy costs and tax burdens in Albany, proposing a one-year state tax and surcharge holiday on utility bills and co-sponsoring legislation that would require the state to study how tax exemptions impact local housing markets to alleviate the tax burden on non-exempt properties. YIMBY group Open New York is backing Lisa Kaul, citing her focus on building more homes as a Dutchess County legislator. Kaul has also signed onto calls for the state legislature and Gov. Hochul to pass the REST Act, which is more likely to gain traction next session to expand rent stabilization to communities beyond New York City.

Democratic candidate for State Senate Rory Lancman is the real estate industry’s favorite to win against Republican Jake Blumencranz in the 7th Senate District in Nassau County, which includes Great Neck, Roslyn and other communities on Long Island’s North Shore.

Lancman has prioritized property tax, sales tax and homeowner insurance reform in his campaign, while focusing heavily on antisemitism as one of his main issues. As an Assembly member, Blumencranz introduced a bill aimed at removing tenant protections that extend to squatters, and has said on the campaign trail that he sees the supply side as both the solution and the problem for housing. Blumencranz also works as an insurance executive at NFP, citing his experience managing the real estate industry’s premiums.

Lancman’s recent donations include more than $10,000 from Extell’s Gary Barnett and $5,000 from his wife Ayala, a combined $5,000 from Jonathan and Lizzie Tisch, $2,250 from NYAA PAC and $500 each from both the Real Estate Board PAC and the Durst Organization. PACS for labor groups like BCTC, the North Atlantic States Regional Council of Carpenters and Hotel and Gaming Trades Council also donated upwards of $5,000 each to Lancman’s campaign. Realtors PAC gave Blumencranz $2,500 and Small Property Owners of New York gave $500 in October.

Incumbent Patricia Canzoneri-Fitzpatrick is defending her State Senate seat, which covers Valley Stream and Lynbrook, along with Atlantic Beach and Long Beach on the south shore of Nassau County, against Democratic candidate Lisa Vider, who appears a clear favorite in real estate circles.

Vider’s platform focuses on affordability, property tax relief and securing additional state funding for essential services as part of the Democratic majority. Her work in healthcare administration informs her campaign’s priority to cut costs in that sector, while her Orthodox Jewish identity aligns with her focus on antisemitism as central to her platform. Vider received donations including $5,000 each from Charney Properties, Dov Barnett of Tavros and Alice Tisch, plus $2,500 from NYAA PAC.

Canzoneri-Fitzpatrick introduced a housing legislation package with fellow Republican state senators last session, backed by Humberto Lopes of the Gotham Housing Alliance, that includes incentives for first-time homeowners and lowers construction costs by further streamlining environmental review. Additional bills in the package seek to loosen energy code compliance requirements for developers to build more cheaply and means-test rent-controlled and rent-stabilized apartments based on income limits.

In five boroughs, Democrat candidate Pesach Osina is the industry’s pick to beat Republican Tom Sullivan for an empty Assembly seat covering parts of South Queens and the Rockaway Peninsula. Osina’s campaign also got $5,000 from the Real Estate Board PAC and a $3,000 contribution from Alice Tisch.

The wave of DSA and WFP endorsees including Eon Huntley in Brooklyn, Samantha Kattan in Queens and Illapa Sairitupac in Lower Manhattan all nearly swept their primaries. They are expected to win their general election races handily and join a growing bloc of progressives in Albany pushing for a slate of reforms with big implications for real estate. In addition to their focus on higher taxes for corporations, heirs and the ultrawealthy, issues back on the table from past legislative cycles include expanding rent stabilization and forming a social housing authority, along with a broad State of Yes package of housing and construction bills.

U.S. Congress

The lawmakers New York sends to Washington will not only determine which party controls Congress, but also inform how those legislative chambers enact policy that shapes the real estate industry going forward.

Bills including the Affordable Housing Credit Improvement Act and Streamlining Affordable Housing Act, both aimed at driving construction of affordable rentals, and the Fair Housing Improvement Act, which seeks to expand protections to renters who rely on vouchers, veterans and service members could end up back in play next session if they don’t pass in the coming months. The 21st Century ROAD to Housing Act passed in July, which bans for-profit institutional investors from purchasing additional single-family homes above a threshold of 350 properties, will also go into effect shortly after the next Congress convenes.

The 17th Congressional District covering Rockland, Putnam, and parts of Dutchess and Westchester counties is the state’s biggest tossup between incumbent Republican Rep. Mike Lawler and Democratic candidate Cait Conley, with more than $30 million in spending pouring into the race. REBNY’s federal PAC gave $1,000 to the Lawler campaign in September, while Conley has brought in donations from individual real estate donors including GFP’s Jeffrey Gural, as well as Jonathan and Lizzie Tisch.

Lawler helped shape the ROAD to Housing Act on the House Financial Services Committee, and cites six other bipartisan housing bills he sponsored that were rolled into the final legislation, including increased federal oversight of public housing conditions and expanded opportunities for community banks to invest in development projects. Conley also prioritizes the costs associated with building affordable housing, touting improvements to tax credits for developers on mixed-income projects while also cracking down on corporate landlords in her platform.

Back in Nassau County, real estate has waded into a House race between Republican challenger Jeanine Driscoll and Democratic incumbent Laura Gillen, who counts GFP’s Steinwurtzel, Peter Braus of Lee & Associates and SL Green Chief Legal Officer Andrew Levine among her recent donors. Gillen narrowly won the 4th Congressional district after flipping it from Republican in 2024, so her race to defend it could be close despite a significant financial edge over Driscoll.

Gillen co-sponsored the Stop the Rate Hikes Act, which seeks to stop utility companies from raising rates multiple times a year, and introduced the Cost of Living Tax Cut Act with Lawler, aiming to adjust income tax brackets to reflect regional cost of living differences. Driscoll has touted her background as Hempstead Town Receiver of Taxes, pointing to her efforts to help local homeowners save on their property tax bills through exemptions. Driscoll’s platform centers on restoring the full State and Local Tax Deduction to lower the tax burden, but Gillen has also introduced an amendment to restore the full deduction and eliminate the SALT cap in Congress.

A left-leaning wave propelled candidates like Brad Lander, Darializa Avila Chevalier and Claire Valdez to primary victories, joined by more moderate Democratic nominee Micah Lasher, all of whom are expected to win their general elections without much friction. Valdez plans to push for federal rent control laws in Congress, while Lander has demonstrated a willingness to collaborate with the industry when he championed the 2021 Gowanus residential upzoning, notwithstanding vows to reject campaign donations from real estate interests in past campaigns.