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Zohran Mamdani: “You have a property tax system that's broken in New York…”

Featuring: Zohran Mamdani, Democratic | Mayor of New York City

Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him

Published October 22, 2025 | Video Starts at 23:11

Got it, Got it. And so my point here is, if you invested a significant amount of capital, you could assist that kind of an intervention. Got it. The second thing is You have a property tax system that's broken in New York City, one that effectively penalizes rental apartments and the owners of those rental apartments. And if you had a system that incentivized the construction of rental apartments, you could have a very different landscape of housing. (23:11–23:20)

CLAIM

Asserts that New York City's property tax system is flawed and disadvantages rental apartment owners.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Zohran Mamdani

“Of the $40 billion we spend, we spend about 10 billion on contracts and consultants [in the Department of Education].”
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“The city of New York will pay McKinsey a few million dollars to design a trash can.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 12:40-12:45
“The MTA spent more money on consultants than construction [for the Second Avenue subway].”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 15:21-15:24
“About two and a half million New Yorkers live in [rent-stabilized] apartments.”
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“Landlord profits had increased 12% [for rent-stabilized units] in the same year [the Rent Guidelines Board] decided, let's hike the rent…”
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“We're building four homes per thousand people. Jersey City's at seven.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 27:17-27:21
“Tokyo's at nearly ten.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 27:20-27:22
“The city of New York is owed $800 million by landlords who have violated housing codes that the city has not collected a dollar on.”
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“One third of all homes purchased in Queens were being purchased by unnamed LLCs.”
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“If you look at the actual studies of free money buses, it costs 700 million. It generates more than double that in economic benefit.”
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“We have hundreds of sidewalk sheds at city owned properties that have been up for more than three years.”
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“We saw a swing towards Trump here in New York City in the last general election.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 02:38-02:43
“We saw the swing was actually in the heart of immigrant New York.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 02:59-03:03
“I met the vast majority of them were Trump voters.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 03:09-03:13
“It just came back to cost of living.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 03:13-03:16
“It's the number one issue in the city.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 04:41-04:43
“A nurse who after she finishes her shift, she drives for an hour and a half, leaving the state of New York to get to where she can afford a…”
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“New York City continues to be a creature of the state.”
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“If you have an ambition for the city that matches the scale of the crisis, you have to have an Albany agenda.”
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“He actually overcame the objections of then Governor Andrew Cuomo to get that money to make this a reality.”
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“Andrew Cuomo... there are a number of things that he has said and done he would not have done if I weren't a Muslim candidate.”
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“Raising taxes on the top 1% by 2%, the top corporate tax to match that of New Jersey, that's something we will do in Albany.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 07:11-07:21
“People in Harlem were promised a subway to 125th street on the Second Avenue decades ago.”
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“There are a lot of people who have jobs more to do with who they know than what they do.”
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“I want to increase taxes on the top 1% by 2%.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 16:28-16:32
“We have to have a housing policy for all eight and a half million people.”
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“Housing [in New York City] has been treated as a means by which to make profit.”
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“You couple a rent freeze with construction of 200,000 truly affordable homes.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 19:28-19:34
“The median household income in New York City is $70,000 for a family of four.”
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“I cannot justify a restaurant giving the city every year $25 for the right to sell a frozen dessert.”
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“I cannot justify someone who wants to open a barbershop, filling out 24 forms, going to seven agencies and then attending 12 in person…”
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“The insurance of affordable housing units has doubled in the last few years.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 22:12-22:17
“A number of those landlords came together to create a different risk pool through something called Mil Street Captive.”
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“If you had a system that incentivized the construction of rental apartments, you could have a very different landscape of housing.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 23:20-23:27
“The city should produce 200,000 homes.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 23:37-23:42
“The private sector should be doing an immense amount of additional construction.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 23:41-23:45
“City of Yes... makes it easier to construct more housing across New York City. It changes zoning regulations.”
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“It's estimated to allow for the additional construction of a little less than 90,000 new units.”
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“The same landlords who are saying we can't afford a rent freeze dropped $2 million against me in the primary.”
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“One of the issues you're hearing from a lot of landlords is they entered into loans with banks that could only be paid back if they evicted…”
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“We understand housing as a human right and also ensure that our affordability agenda is universal.”
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“The current law is 10% of the five year valuation of real estate in New York City.”
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“If we don't match that crisis with that ambition, we're going to lose people.”
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“I've seen legislators and legislative leaders who've had a vision of a city where you tax the wealthiest a little bit more to provide for…”
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“Andrew Cuomo is an example of not trying. He had 10 years of running his.”
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“We, from the beginning of this race, wanted to break out of the bubble of New York City politics and get into the world of New York City.”
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“When I actually spoke to Trump voters, you know, in Queens and in the Bronx, it felt like here was a campaign that was bridging that divide.”
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“We have to show that democracy can deliver on their needs.”
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“The billionaires spending millions against me right now, they're not doing so because they're afraid my plans won't work. They're doing so…”
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“We made five bus routes free in New York City.”
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“People said that we wouldn't be able to deliver [free bus routes].”
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“None of those things [more riders, decline in assaults, more homeless people] were true.”
Zohran Mamdani on Freezing Rent, Making NYC Affordable Again, & Who is Really Stopping Him | Uploaded October 22, 2025 | 59:27-59:29
“It's an ambitious agenda, but it's one that I'm really confident in delivering.”
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“There will be many New Yorkers for whom I will have to deliver first to earn their trust.”
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“The status quo is standing in our way.”
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“The same people who've spent millions of dollars will still have an immense amount of money that they could use to try and spend an…”
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“It wasn't a Republican that sent a mailer that artificially lengthened my beard.”
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“Are you going to increase funding for hate crime prevention programs?”
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“Are you going to ensure that the NYPD are outside of synagogues and temples on the Jewish high holy days?”
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“Are you going to actually have a curriculum like Hidden Voices taught in schools that celebrates the breath and the beauty of Jewish life?”
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“Unindicted co-conspirator is translation for man who is not found guilty of anything.”
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