The most critical takeaway for residential owners is that Mamdani’s primary campaign promise (a rent freeze on NYC’s one million-plus rent-stabilized units) likely faces no federal headwinds.

During the campaign, Trump threatened to withhold federal funds if Mamdani won. This meeting reversed that threat.

• The Signal: Trump pledged to "help him do a great job" and acknowledged Mamdani’s mandate.

• The Implication: The city’s budget, and by extension, property tax stability, is less fragile than feared. A withdrawal of federal funds would have forced the city to hike property taxes aggressively to cover deficits. That immediate "doomsday" tax risk has subsided.

Mamdani’s platform focuses on government-led housing production (200,000 affordable units) rather than private developer incentives (like the old 421-a tax break).

• The Signal: Trump’s praise for Mamdani’s "building housing" goals suggests the federal government might support these public-centric projects, potentially through HUD or infrastructure spending, rather than forcing a return to supply-side tax cuts.

• The Implication: Private developers may find themselves sidelined or facing stricter requirements (e.g., higher affordable set-asides, union labor mandates) without the tax abatements they previously relied on. The "luxury condo" market remains untouched by this specific meeting, but the rental development math has become much harder for private equity.

Real estate industry leaders have reacted with fear and caution, with some stocks (like Vornado and SL Green) taking a hit following Mamdani’s election.

• The Fear: Investors worry this alliance validates an anti-landlord regulatory environment, potentially driving capital to friendlier markets (like Miami or Dallas).

• The Reality: While stabilized assets are risky, market-rate (unregulated) apartments may actually see increased demand and pricing power. If the supply of new rental units slows down because private developers pull back (due to lack of incentives), and existing stabilized units are frozen (locking tenants in place), the scarcity of available market-rate units could drive their rents up further.

• The "Uncertainty Tax" is Gone: Markets hate uncertainty more than they hate "bad" policy. Before the meeting, the fear was that Trump would bankrupt NYC to punish Mamdani. Now that Trump has pledged support, the doomsday scenario is off the table. Buyers who were sitting on the sidelines, fearing a property tax spike or city service collapse, now feel safe enough to re-enter.

• Bifurcation of the Market: Murray’s optimism highlights a critical split. The investment class (people buying rent-stabilized buildings) is facing a crisis due to the rent freeze. However, the residential class (people buying apartments to live in) is seeing "business as usual."

• International Confidence: Murray’s mention of international buyers is key. Global capital often views NYC real estate as a safe haven. Trump’s endorsement of the city ("I'd feel very comfortable living in New York") likely signaled to foreign investors that despite the socialist mayor, the city remains a protected asset class under the federal umbrella.