Billionaire investor Bill Ackman is sounding the alarm about NYC Mayor Zohran Mamdani, saying his policies will make the city’s problems like housing and energy costs even worse.
Ackman has been somewhat red-pilled in recent years. He used to vote Democrat but he became a Trump supporter during the 2024 election.
In any case, he is right when he calls socialism a disaster and he knows a lot more about economics than Mamdani or anyone in his inner circle.
The FOX Business Network reports:
Bill Ackman sounds alarm on Mamdani’s economic agenda: ‘Socialism is a disaster’
Billionaire investor Bill Ackman warned that New York City’s rent freeze, tax policies and limits on development could worsen the city’s affordability crisis by discouraging construction and investment.
In a wide-ranging interview with Fortune published Wednesday, the Pershing Square Capital Management founder argued that government policy is driving up housing and energy costs in New York.
“The answer isn’t socialism – socialism is a disaster,” Ackman said. “Watch what happens to New York City if [Mayor Zohran] Mamdani succeeds in implementing these plans.”
Ackman said New York’s housing shortage stems in part from rules that make it difficult and costly for developers to build.
“It’s so high because left-wing mayors have made it very difficult for developers to build here, and Mamdani, by freezing rents, is just going to make the problem worse,” he said.
New York City’s Rent Guidelines Board voted in June to freeze rents on one- and two-year leases for rent-stabilized apartments.
Ackman argued that rent controls can shift more costs onto tenants in market-rate units. He also claimed roughly 60,000 apartments have been pulled from the market because landlords cannot recover renovation costs under current regulations.
Watch a clip below:
When Mamdani’s policies fail, and they will, he and his supporters will just make up new excuses about not having enough money or government power.
The left is incapable of admitting that socialism has been tried and failed, repeatedly
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