Barry Sternlicht: The Billionaire Who Warned of New York City's Future Under Zohran Mamdani
Barry Sternlicht, a prominent real estate mogul, sparked controversy with his comments on Zohran Mamdani's proposed policies. Sternlicht, the founder of Starwood Capital Group, warned that these policies could turn New York City into Mumbai, leading to rent defaults and a mass exodus of investors.
Barry SternlichtZohran MamdaniNew York CityReal EstateHousing PoliciesReal EstateNov 12, 2025
It leads to extremely expensive housing. And other developers have tried to cut deals with the unions, but they rule New York, and that’s one of the key reasons the blue states are so expensive and they’re so difficult to add supply of housing to, the entrepreneur said. “And then the neighbour finds out the neighbour isn’t paying, and they don’t pay … and then you’re basically going to turn New York City into Mumbai,” Sternlicht said in an interview with CNBC Property Play. The billionaire added his company’s New York team was “for the first time saying maybe we should leave.”
His comments went viral and started a debate about housing affordability and investor influence in the city. Sternlicht is the founder, chairman, and CEO of Starwood Capital Group, a global private investment firm he co-founded in 1991. He also heads Starwood Property Trust, one of the largest publicly traded real estate investment trusts in the US. He was born in New York City in 1960 and raised in Connecticut. Sternlicht graduated magna cum laude from Brown University and later earned an MBA from Harvard Business School.
His father was a Polish Holocaust survivor, and his mother was a stockbroker and biology teacher. Over the years, Sternlicht has built an empire across real estate, hospitality, and finance, managing assets worth more than US$100 billion. He is credited with launching the W Hotels brand and transforming Starwood into a global powerhouse.
Frequently Asked Questions
Who is Barry Sternlicht?
Barry Sternlicht is a billionaire investor and one of America’s most prominent real estate figures. He is the founder, chairman, and CEO of Starwood Capital Group, and he also heads Starwood Property Trust, one of the largest publicly traded real estate investment trusts in the US.
What did Barry Sternlicht say about Zohran Mamdani's policies?
Sternlicht warned that Zohran Mamdani's proposed rent-freeze and housing policies could turn New York City into Mumbai, leading to rent defaults and driving investors out of the city.
What is Zohran Mamdani's political stance?
Zohran Mamdani is a democratic socialist who has pushed for policies aimed at taxing the rich. These proposals have not been well received by New York City’s wealthy residents.
What is Starwood Capital Group?
Starwood Capital Group is a global private investment firm co-founded by Barry Sternlicht in 1991. It manages assets worth more than US$100 billion and operates across real estate, hospitality, and finance.
How did Barry Sternlicht's comments affect the debate on housing affordability?
Sternlicht's comments went viral and sparked a debate about housing affordability and investor influence in New York City, highlighting the tensions between progressive housing policies and the real estate industry.
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