Billionaire Barry Sternlicht Warns NYC Could Turn into Mumbai Under Mamdani
Billionaire property magnate Barry Sternlicht has warned that New York City could face a Mumbai-like scenario if Mayor-elect Zohran Mamdani enforces policies that could lead to widespread rent non-payment and public safety issues.
Barry SternlichtZohran MamdaniNew York CityReal EstatePublic SafetyReal Estate MumbaiNov 12, 2025
Sternlicht stated, “The far-left gets really nuts and says the tenants don’t have to pay. Well, you can’t kick them out if they don’t pay.” He further elaborated, “So, the neighbor finds out the neighbor isn’t paying, and they don’t pay, and the next guy doesn’t pay, and then you’re basically going to turn New York City into Mumbai.”
Barry Sternlicht’s firm, Starwood Capital, is considering relocating from New York now that Zohran Mamdani has been elected mayor. Sternlicht claimed that other businesses will likely follow suit. Speaking to CNBC, he warned that any lapse in public safety under Mamdani could encourage people and companies to leave the city.
He said, “If people feel like their kids aren’t safe on the streets, they will pull them out of school, and they will leave. And if he defunds the police or he doesn’t give them the honor and prestige they deserve, I think the city’s in for a really tough time.”
In December 2020, Mamdani came out in support of defunding and dismantling the New York Police Department, as reported by the Daily Mail. He has since walked that back and promised to maintain the current cop staffing levels.
Sternlicht added that employees in Starwood Capital's New York offices have already expressed interest in leaving, now that Mamdani is set to move into the mayor's residence at Gracie Mansion. “We have a big office here ourselves in New York. I mean, we’ll see how this works, but the team in New York is for the first time saying maybe we should leave,” he said.
Starwood Capital employs about 7,000 people across 19 cities in the United States and abroad. It also has commercial and residential real estate investments throughout the city, including two luxury hotels. One is near the Brooklyn Bridge, and the other, the Baccarat Hotel, is across the street from the Museum of Modern Art.
Frequently Asked Questions
What is Barry Sternlicht's main concern about Zohran Mamdani's policies?
Barry Sternlicht is concerned that Mayor-elect Zohran Mamdani's policies, particularly regarding rent payment and public safety, could lead to a decline in New York City's quality of life, potentially turning it into a scenario similar to Mumbai.
What is Starwood Capital considering in response to Mamdani's election?
Starwood Capital, the firm owned by Barry Sternlicht, is considering relocating from New York City due to concerns about the impact of Zohran Mamdani's policies on the city's business environment and public safety.
What did Zohran Mamdani initially support in 2020 regarding the New York Police Department?
In December 2020, Zohran Mamdani initially supported defunding and dismantling the New York Police Department, although he has since walked back this stance and promised to maintain current staffing levels.
How many people does Starwood Capital employ, and where are their offices located?
Starwood Capital employs about 7,000 people across 19 cities in the United States and abroad. They have significant investments in New York City, including two luxury hotels.
What specific locations in New York City does Starwood Capital have investments in?
Starwood Capital has investments in several key locations in New York City, including a hotel near the Brooklyn Bridge and the Baccarat Hotel, which is located across the street from the Museum of Modern Art.
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