Billionaire real estate leader Barry Sternlicht has signaled that his firm may exit New York City following the election of Mayor Zohran Mamdani. Sternlicht, who heads the influential Starwood Capital Group, expressed that Mamdani's policies could potentially dissuade tenants from fulfilling their rent obligations. He indicated that this trend might inspire other companies to leave the city as well. During a recent discussion, Sternlicht linked New York's potential future to that of Mumbai, articulating a concern that the city's economic fabric could deteriorate if tenants stop paying rent, which could subsequently lead to a broader collapse in the rental market. He elaborated that if tenants perceive they are not held accountable, it could create a domino effect, encouraging more individuals not to pay, destabilizing the local property market. Mamdani campaigned on promises aimed at bolstering tenant protections, proposing measures like longer eviction processes and implementing a rent freeze for stabilized tenants. However, these policies do not endorse rent nonpayment. Sternlicht also raised alarms over public safety under Mamdani's administration, suggesting that declining safety standards could further drive families away from the city. He believes residents will remove their children from schools if they feel unsafe, further intensifying the urban exodus. According to Sternlicht, defunding the police or failing to provide them with necessary support could exacerbate these issues. His firm, Starwood Capital Group, is a major player in the real estate investment sector, managing approximately $115 billion in assets and having a significant roster of completed projects in New York City, including luxury residential developments. Sternlicht’s comments reflect broader anxieties regarding New York's economic resilience amid shifting political landscapes.