Zohran Mamdani vows to freeze rent — calls President Trump a ‘Bad Landlord’ who threatens to end federal funding for NYC

New York City Mayor-elect Zohran Mamdani, the progressive Democrat who vows to freeze rents, took aim at President Donald Trump in a stinging victory speech after the president threatened to pull federal funding from the city over his election.

Mamdani, a 34-year-old self-described democratic socialist, swept to victory Tuesday with just over 50% of the vote, defeating former New York Gov. Andrew Cuomo, who garnered roughly 42% running as an independent.

Perennial Republican candidate Curtis Sliwa won some 7% of votes.

In his victory speech, Mamdani highlighted his ambitious agenda to tackle New York’s cost-of-living crisis, including plans to freeze the rents for more than 2 million rent-stabilized tenants, make all city buses free to ride, and provide free child care starting at 6 weeks old.

“Years from now, may our only regret be that this day took so long to come,” he said.

“This new age will be one of relentless improvement.”

Mamdani in his speech also took direct aim at Trump, saying that “in this moment of political darkness, New York will be the light.”

“After all, if anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him. And if there is any way to terrify a despot, it is by dismantling the very conditions that allowed him to accumulate power,” he said.

The mayor-elect tied his class-driven affordability agenda into his opposition to the billionaire Republican president, vowing to “hold bad landlords to account because the Donald Trumps of our city have grown far too comfortable taking advantage of their tenants.”

Trump reacted with a cryptic four-word post on his Truth Social website, writing: “…AND SO IT BEGINS!”

Trump’s threat to cut federal funds to NYC

Previously, Trump threatened to cut off federal funding to New York if Mamdani were elected, calling the Democrat a “communist” who would bring ruin to the city.

“It’s gonna be hard for me as the president to give a lot of money to New York, because if you have a communist running New York, all you’re doing is wasting the money you’re sending there,” Trump told “60 Minutes” on Sunday.

On Monday, Trump reiterated the threat, writing on Truth Social: “If Communist Candidate Zohran Mamdani wins the Election for Mayor of New York City, it is highly unlikely that I will be contributing Federal Funds, other than the very minimum as required, to my beloved first home.”

“It can only get worse with a Communist at the helm, and I don’t want to send, as President, good money after bad,” wrote Trump.

Federal funds accounted for approximately 6.4% of New York City’s total spending in the proposed 2026 operating budget, or about $7.4 billion, according to an April report from the state comptroller’s office.

These funds are primarily allocated to social services and housing agencies, with other significant federal aid supporting the Department of Education and public transit.

It is unclear how much of that funding Trump could legally cut off without support from Congress, although his Republican Party currently controls the House and Senate and may choose to back up his threat.

Other top Republicans have vowed retribution over Mamdani’s election with varying degrees of seriousness, with Texas Gov. Greg Abbott saying he will impose a “100% tariff” on New Yorkers moving to Texas.

That comment appears to be in jest, as the federal government holds the sole power to impose tariffs, not the states.

As well, tariffs apply to goods, not people.

Mamdani’s vow to freeze rent faces scrutiny

Mamdani’s sweeping promises on cost of living helped fuel his rapid ascent from obscure state assemblyman to mayoral frontrunner and national political star, underscoring his message’s resonance with New Yorkers struggling to make ends meet. 

“With Mayor-elect Mamdani’s victory, New Yorkers have sent a clear message: They want solutions to the city’s housing affordability crisis,” says Realtor.com® Senior Economist Jake Krimmel.

“For voters tonight, it is unmistakable; the city’s economic and political future depends on making New York a more affordable place to live.”

Mamdani’s signature proposal is to use his control of the city’s Rent Guidelines Board to immediately freeze rent on all rent-stabilized units, which account for nearly half the city’s rental apartments.

Yet Mamdani’s expansive proposals are not without their critics, with some wealthy New Yorkers threatening to flee over his plan to raise taxes on the rich to fund his expansive plans.

“We’re already having conversations with New Yorkers preparing to make the move,” says Phil Gutman, president of Continuum Realty in South Florida.

As well, housing economists are wary of his plan to freeze rents on rent-stabilized units, warning it could exacerbate problems in the long run.

One key concern is that freezing rent on nearly half the city’s rental stock could lock tenants into their units and heavily discourage moving, making vacant apartments extremely hard to find.

As well, some are concerned that the plan would discourage new residential development, exacerbating the city’s housing shortage.

“[Mamdani] made rent freezes a central campaign promise, which would deliver immediate relief for many struggling New Yorkers,” says the economist Krimmel.

“But solving affordability in the long run will also depend on accelerating the construction of both affordable housing—another of his campaign pledges—and massively expanding market-rate housing supply to keep pace with demand.”

Roughly 70% of households in New York City are renters, and Realtor.com data shows that median asking rents sit near $3,600, more than half of the typical household’s monthly pre-tax income.

The city’s housing vacancy rate, or the share of units that are available to rent, is near 1.4%, the lowest since 1968, making apartment hunting a challenge even for those who can afford it.

“New Yorkers looking for their next move feel locked in place and priced out at once,” says Krimmel.

Mamdani plans to expand affordable housing

On the campaign trail, Mamdani vowed to triple the city’s production of permanently affordable, rent-stabilized homes by constructing 200,000 new units over the next 10 years.

He promised to fast-track any 100% affordable developments and fully staff city housing agencies to ensure speedy authorizations.

Mandani’s plan will get an assist from a trio of housing-related questions on Tuesday’s ballot, all of which passed despite fierce opposition from the city council.

The ballot questions amend the city’s charter to create fast-track approval processes for certain affordable housing developments and smaller residential projects, eliminating the city council’s ability to veto those projects.

They also create an Affordable Housing Appeals Board composed of the local borough president, city council speaker, and mayor.

The triumvirate would be able to overturn city council vetos blocking new affordable projects.

Krimmel says that while these new measures—and Mamdani’s plan to accelerate affordable housing development—are positive steps, the new administration should also pursue more market-rate development.

“Economists have long warned that housing affordability is essential to a thriving, dynamic city, yet New York has added housing at a snail’s pace, permitting roughly 30 new homes per 1,000 residents annually since 2014, about half the rate of Boston,” he says.

“The result is a housing shortage decades in the making.”