Mayor Eric Adams Defends Landlords, Pushes for Housing Reform in TRD Interview

Adams highlighted the importance of recognizing the role small property owners play in the city’s housing landscape. “We ignore small property owners… where all of their wealth is tied up in their building,” he stated, noting that current policies lump them together with mega-landlords, often to their detriment. He also reminded the public that commercial property taxes, driven by real estate, help fund essential services like police salaries.

Looking ahead, Adams advocated for reforms to the 485x tax incentive program and called for faster permitting, use of AI for approvals, and identifying underutilized city-owned land for housing development. He mentioned precinct parking lots, libraries, and abandoned schools as possible development sites, and supported private-public partnerships for NYCHA developments, like the Related-led Elliott-Chelsea project.

As he campaigns for re-election, Adams made a direct appeal to the real estate community, asking for their political support. He positioned himself as the candidate best aligned with industry needs, warning that his primary opponent, Zohran Mamdani, could enact policies harmful to both real estate and the broader city economy.