Odd Lots - The NYC Landlords Most Worried About Zohran Mamdani

Episode Date: July 21, 2025

Probably the most controversial proposal from New York City Democratic mayoral nominee Zohran Mamdani is his promise to freeze the rent on a substantial chunk of rent-stabilized units in the city. There are concerns that this will cause a major downshift in housing development and that landlords that are heavily exposed to rent-stabilized units will be driven deeper into distress. But then separately there are major real estate owners who may be threatened by other aspects of Mamdani's real estate vision. For example, he has promised to, in some instances, expedite approvals for new buildings, which could take away the competitive edge from major building owners that know best how to work the approval process. But there are also players in the real estate industry who are excited about new opportunities. If housing production does, in fact, slow down, that could mean higher rent on market-rate units. And if Mamdani significantly expands the supply of free childcare in the city, then that could present an opportunity for some owners of commercial real estate. On this episode of the podcast, we speak with past guest Ben Carlos Thypin, a NYC landlord himself, as well as the founder of the analytics firm Quantierra. He gives us the overall lay of the land on how various players in the real estate industry are preparing for Mamdani's possible victory.Read More: Mayor Eric Adams on the Future of New York CityOnly Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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Bloomberg Audio Studios. Podcasts Radio News. Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Wisenthall. And I'm Tracy Alleyway. Tracy, I don't want the podcast to be like an entirely New York City focused podcast. But like in our defense, not only do we live here. But, you know, what happens in New York City?

It has problems and it has challenges that are seen really all around the world. So it's not terrible to do a few episodes related to, you know, What's happening around in our neighborhood? I don't think it's terrible at all. And in fact, one specific area where New York really does have national, maybe even global relevance is in the housing arena, right? So we know New York City has a shortage of housing. People have been trying to come up with ways to improve that, build more supply for a long

time and also lower rents. And so that has, you know, implications for a lot of other cities and places that might also be capacity constrained. Totally. I mean, like, New York is sort of an egregious levels of housing on affordability, but every city around the world, I think every city that's booming has some challenges of affordability and building more, at least in the West, but I sort of think basically everywhere. And so, you know, people always talk about trying to solve it, et cetera. Anyway, of course, past Oddlott's guest, Zoran Mamdani has his proposals for how to address housing affordability, including a rent freeze on a significant chunk of the housing stock

in the city. And so we sort of need to get a sense of like what that means and how that, you know, what the implication is for business. Weather could work, you know. Well, the broader theme here, I guess, is the role of the public sector in the private market, right? Like if we want to get really, really conceptual with us, that's basically what we're talking about. Yeah. And of course, Momdani has a slew of proposals and ideas, free buses, faster buses also. He's a public grocery store trial, et cetera. But, you know, we did that recent episode with Kathy Wild, the head of the partnership for

New York, which represents a lot of major employers in the city. I'm sure they're anxious about him for a number of reasons. But she said within their community, it's really the real estate industry that is the most freaked out, so to speak. Yeah. And I'm really interested in this because people talk about the real estate. estate industry as this sort of monolith. But of course it isn't, right? There's residential, there's commercial, there's luxury, there's more affordable. So I want to dig into this a bit

more and understand exactly what the concerns are and whether they're coming from different parts of the real estate network. Yeah. And then there's, you know, even within real estate, there's brokers and then there's developers who are separate from landlords, et cetera. Anyway, we do have the perfect guest, someone we've had on a few times. Every time New York City real estate is in the news, a guy we like to chat with. We are going to be speaking with Ben Carlos Typen. He is the founder of a firm called Quantierra, which analyzes real estate. He is also a New York City landlord and broker. Interesting ideas. Is that the most like hated demographic in all of New York? Yes. Thanks for coming back on the show, Ben. Thanks for having me. Kathy Wilde, when we talked to her,

did say that the real estate industry is the, of all of the sectors of the economy, the most anxious. What, what specifically, you know, who's really anxious or what, what about Mamdani's sort of vision most sends chills down the spine of landlords or other players in the real estate industry? Well, I mean, I think the reaction to Mamdani is actually not that different from the reaction to build a Blasio eight years ago when, when he came in. or excuse me, 12 years ago, I think it's been amplified by, you know, the political environment we're in, Mom Nani's political identity, his, you know, his race, his ethnicity and religion. But, you know, what scares these people, I think, the most, and when I say these people,

I mean, the people that are, you know, vocalizing their fear, which I think don't necessarily speak for every portion of the real estate industry, as Tracy pointed out, I think what most scares them is that Mamdani's sort of premise of city management does not revolve around them. And, you know, this was a major issue during the DeBasio administration that the press covered a lot where, you know, DeBosio, despite, you know, appointing, you know, some real estate friendly commissioners and generally having a pretty good administration that was pretty good for real estate, he didn't, he wasn't in the habit of kissing the ring and sort of showing up to their gala's and calling on them and stroking them in a way that, you know, in contrast, Eric Adams, the current mayor has been

very, you know, good at doing. So I think a lot of this is sort of meta feelings about, you know, their place in the city, their influence in city hall. And the, you know, depending on the policy, there could be, you know, there's varying degrees of tenuousness to actual policy and market implications. So who is most scared? Give us some nuance on. on the vibes. Sure. So I think the most scared groups are rent-stabilized landlords because, you know, Mamdani has pledged to freeze rents on rent-stabilized apartments. And then large developers, these sort of, you know, the biggest developers who not only have business models that largely depend on sort of being in a, you know, informal cartel and having, you know, the best possible, best relationships with

the people that, you know, make policy in the city and, and the, you know, the, you know, the most powerful players, but also, you know, have a greater sense of civic duty and their role in civic society. And I think Mamdani's rhetoric and some of his policies threaten their sort of sense of their own place within the city. You know, it's interesting, Tracy. I'm thinking back, you know, we did that not long after we interviewed Mamdani. We interviewed the Jersey City mayor who didn't win his primary nomination for governor. So not everyone who comes on odd lots automatically. But one of the things he said that was really interesting is that by, you know, he said he talked about depoliticizing. Yeah. And that, you know, essentially by making it

sort of more streamlined the process to get approvals, that there are these developers who maybe their edge was that they really knew how to play the game within these boards, within, you know, the community, suddenly like that is a marginal edge that disappears in a system that is much more straightforward. And Mamdani himself, if I'm not mistaken, Ben, has also talked about he does want more development. He's talked about market rate development. And he's also talked about just sort of making that process if the developer meets certain requirements, labor pay, et cetera, just much more straightforward, which again would seem to speak to your point that perhaps some of the most threatened entities would be those ones who are big and best positioned to sort of play the

politics side of the game. Yeah, I think streamlining does not necessarily benefit the most entrenched incumbents. I think that they wouldn't necessarily fare badly under a Mondani administration, but they, at least if one takes Mamdani's policy pronouncements at face value, would not be in the driver's seat. You know, the Albanian guy in the Bronx who's building a small multi-family building, he's going to be in a lot more position to benefit from these streamlined policies than, you know, the type of people that are being quoted in the New York Times. By the way, Tracy, before I forget, you know, Ben talked about the similarities with DeBlasio. It's funny because I think there was a quote. We're recording this July 16th.

I think I saw a quote yesterday from Kathy Wilde in the news. There was basically like, Mamdania's like Bill de Blasio, except we like him. Like he's likable, essentially. But, you know. That's pretty funny. Yeah. I mean, yeah, I get it. Okay. So part of this discussion, I understand why DeVosalbrizzal. might be concerned about losing their competitive advantage when it comes to navigating City Hall and all of that. Are there any concerns beyond initial approval for projects? Is there a concern, for instance, about an emphasis on public housing, perhaps crowding out private development? I think there's a generalized concern that the Mamdani administration and its

vibes are going to depress private investment, whether that's in existing housing or building new private housing. However, even under that scenario, which I don't really agree with and I think is kind of a cynical view, there would be beneficiaries of that scenario. So let's say that does happen. Rent-stabilized rents are frozen and private investment and new development and new housing plummets. They're going to upcharge the market rate. Exactly. Market rate rents would increase considerably. So under that scenario, the market rate landlords would do very well, and the rent-stabilized landlords who are already not doing well, would continue to not do well. And the affordable developers who only build housing with

public subsidy, which, you know, Mamdani wants to spend, you know, considerably more on subsidized housing would also benefit. So, you know, it really speaks to the many different stakeholders within the real estate industry who have different and sometimes conflicting interests. Today's show is brought to you by Vanguard. To all the financial advice, Visers listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real. Lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients. We're talking top grade products across the board of over 80 bond

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If demand for residents in New York City broadly is stable or continues to grow as it has been, in this scenario where, in theory, just want to pull back, the landlords who have exposure to the market rate units, you'd think they would do very well. Yeah. And in fact, I have clients who are market rate developers who are out in the market fundraising right now with this argument. You say that if you should fund this project of ours right now because we're going to be the last buildings to be developed before Mom Dani comes in

and freezes everything. And therefore, we're going to have the best product in the market and be able to charge the highest price. That's amazing. So the cost shift is already happening, basically. Yeah, but like, again, where people are freaking out, I'm not sure that that is necessarily grounded in reality, but I think a lot of the rhetoric, both public and private, we've seen in light of Mamdani's primary victory, has, is PR and spin. In real estate, everyone's always trying to find an angle to say why their project is best or why their project should be funded or why I'm not making this decision and why, you know, why I look smart because of that.

Yeah. So, you know, we're still very much in the spin zone. Let's talk more about that because, you know, I feel like one of those cliches, which probably has some truth, is that, yeah, people who freak out and, like, let themselves get hysterical don't do as well as business as people who adapt to the new environment and sense the opportunity. So you've described one set of people who may be thinking opportunistically right now, which is the people who might have the opportunity to build something before

rent freezes come into place. They're going to have the pricing power by this. What else are the opportunities that people send about, yeah, okay, maybe we don't like the policies, but there's a money-making opportunity under the Mundani administration. Who else is sort of looking their chops, so to speak? One other group that's licking their chops is the developers that specialize in building affordable housing, which are both for-profit and nonprofit developers. And they have done pretty well, did very well in the Nabazi administration. They'd done well during the Adams administration. They consistently do well because, you know, the Mamdani wants to build more government subservidized housing than any previous mayor, but it's not like the developers and the labor for building that housing is just

going to materialize out of the government. You're going to be using private sector players to do this. So these groups or these players are taking a different approach than some other, you know, pure market rate developers in the real estate industry and trying to craft sort of a separate piece with the Mamdani administration to say like, hey, you know, we want to help you meet your goals. We know you want to spend a lot of money. This is good for, you know, for both of us. And I think another group, ironically, and they're not so much licking their chops because I think they're very scared, is the rent stabilized building owners. Because, you know, as we've discussed on one of our previous podcasts.

This is a distress sector, and it's sort of been heading for a reckoning. And I think Mamdani's policies are going to lead to an acceleration of that trend so that something gives here. And I think it could give in a sort of cynical way, you know, at the Supreme Court, or it could give in a, you know, more optimistic way by sort of Mamdani being something like Nixon to China. and going to Albany and crafting some sort of new regime for these buildings that does not burden tenants,

but also stabilizes them and make sure that they don't collapse, which is not really in the interest of anyone. Yeah, this is good context because the long-suffering rent-stabilized building owners have been trying to loosen regulation for a long time, and I think they even sued on a constitutional basis. And clearly the goal is to try to get this to the Supreme Court. But in that context, you mentioned labor really quickly. And I want to go back to that because one of the proposals that Mumdani has is using unionized labor to build all this affordable housing. And I'm curious how feasible that is, what the availability is and how that actually feeds into costs. Sure. So when talking about this issue, I think it's important to keep in mind that this is not a Mamdani issue. The construction unions, all were about. back in Cuomo. This is really a New York issue writ large. We'll see how Mom Donnie, you know, unlike most of the other powerful unions, the construction unions still have not abandoned Cuomo.

They have not endorsed MomDonnie yet. That said, there's obviously organized labor's job is to advocate for the most wages and best benefits for their members. They also need to make sure that their members keep working. So right now, we're in a situation with this tax program that was negotiated in two legislative sessions ago, where in particularly large projects, the labor requirements are viewed as too onerous and no one is building buildings that qualify under this wage standard. So there needs to be some sort of piece that is brokered here. And I think this could be an opportunity with all the credibility that Mahdani has built on the left to craft a piece between labor.

and developers to make it so that we can build housing with unionized labor, but it doesn't break the bank. It's interesting. You point out, there's something I've been thinking about you, but you point out that, for example, most of the unions supported Cuomo. Some of them, such as the construction union, which I hadn't realized, still backing Cuomo. Cuomo also won the endorsement, I think, although they've switched of the hotel workers' union, which I also want to talk about.

But it's interesting to me because when people think about a left-wing mayor and how it can go wrong, they reach for the example of Brandon Johnson in Chicago. Brandon Johnson came out of the union machine. I mean, he was part of the teachers' union in Chicago. Mamdani for all is, I'm sure, ideological affinity for organized labor. He doesn't come out of that machine the same way Brandon Johnson, let alone to some extent Cuomo did. So it does feel like there is a potential for some sort of. of shifting of the plate, so to speak.

Yeah, I mean, who knows what's going to happen? But I think it's hard to argue that our coalition politics and politics generally in New York City have not been scrambled by this event. And I think it remains to be seen how all that shakes out. And whether these groups that, you know, have been operating in relative concert, you know, perhaps at the expense of other constituencies remain allied or. or whether new alliances reformed to solve some of the city's problems. How much of this just boils down to people, wealthier people, not liking higher taxes?

Because I imagine, you know, if they're trying to get a message out there saying that they don't like taxes probably doesn't resonate with a lot of New Yorkers, but saying that because of higher taxes or because of all these other policies, there's going to be less development of property, less affordable housing. Is that just them trying to spin it that way? Personally, I think so. And, you know, our media environment is structured as such that there's not really much downside in doing that. So, you know, you hear about, remember a couple of years ago, there was a lot of stories about David Tapper for Appaloosa Capital Management, moving to Florida to duck a income tax increase in New Jersey. We know there's a media frenzy about this. But no one covered that he moved back.

And I'm always saying this. No one's going to stay in Florida. Give me a break. And I think, you know, the data or an analysis that has been done as this shows that like millionaire tax flight actually is largely a myth and occurs at a much lower rate than it does for middle and lower income people. And, you know, there's all sorts of groups that sort of take advantage of this dynamic. So, for instance, a luxury real estate broker will be, you know, go into the press and say, you know, I'm getting, my phone is ringing off the hook on people that want to sell their apartments here and move to Palm Beach. Does that get them the attention to more people who might be thinking that way?

Yeah. But does it reflect market reality? Or is anyone testing to see if they've been proven wrong? No. And I think this isn't just a New York City phenomenon. We're seeing a lot of dissonance between people's sort of ideological and policy priors and actual economic analysis. And I think a really good example is a mayor

who raised taxes, including on upper several times in New York City, friend of the pod, Michael Bloomberg. And a lot of these same people who are complaining about Zoran think that Bloomberg was their model mayor and really want to go back to the Bloomberg economy. So, you know, people are sort of flailing about looking for any possible way to spin, you know, their own preferences. Friend of the pot is a, how are you going to, well, I was going to do the standard disclaimer. It has become standard, but Michael Bloomberg is, of course, the owner of Bloomberg LP, which runs Bloomberg Media and Bloomberg News. So there we go. That's the disclaimer. I like describing him as friend of the pod. But this is a really important point.

Like, you're always going to go to Florida. Like, if you go to Florida, you can't be an in-studio guest on the Odlod's podcast and do all the wonderful things that being in New York City affords you. It really is, I mean, I don't know actually the stats on who leaves New York City. But it's not the rich. I mean, it's like people who just find the city unaffordable. right? Right. And I would encourage everyone to Google, Crystal Ball Young, who's a professor at Cornell, who's done a lot of work on this very issue. And the, something you hear, you know, Kathy Wilde mentioned in your interview and something you hear across business leaders generally and particularly in commercial real estate rather than than multifamily is the importance of our workforce. And if people who, the talent that fuels New York City cannot afford, forward to live here, that is bad for New York City's economy. Yeah. And would, you know, lowering the cost of housing be bad for some landlords? Yes. But would, would it be good for a lot of other sectors of the city, including, you know, the office real estate sector? Yes. Similarly,

with child care, would, I don't know who anyone who's really opposed to child care. Like, I think that's a problem for everyone. And it would help employees and employers, but also help real estate owners because if you remember during the Mazi administration they rolled out universal pre-K it's not like there's all this empty space in public buildings near people's houses that you're going to put you know child care facilities this is going to be rented in private buildings and result in a huge amount of leasing velocity that will often occur in space that is otherwise hard to lease eating well shouldn't be complicated but somehow it turns into recipes prep cleanup and half your sunday gone factors solves all

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When we spoke to Kathy, she did bring up crime. And, you know, initially maybe you don't make a direct connection between economic policy and crime, But the argument is if there's lots of crime going on in the city, people are going to want to move away to that New York City flight exodus point. How are landlords or the real estate industry thinking about that particular aspect? Is it important to them? Because that would be maybe a reason to go for someone like an Eric Adams. Right. I think it's very important to the real estate industry.

And a lot of people are scarred by the experience. of the 1970s and 80s in New York, even if the contributing factors for New York's issues back then are myriad and complicated. Everyone agrees that having a crime-ridden city is not in the interests of building owners and property values, and really the city at large, given how much of our budget is based on property taxes. And, you know, Mamdani has said that he's, you know, considering keeping on Jessica Tisch, the current police commissioner, and that he's not going to

reduce NYPD headcount. I think the real estate industry is very skeptical of this, but, you know, the cooler heads within it are sort of keeping in mind that New York City is ultimately a creature of the state. And we have a very moderate governor. We have a more moderate than Mamdani legislature. And the legacy of the New York state constitution, but also the fiscal crisis in the 1970s, provides Albany with a lot of ways to make sure that the city does not go off the deep end on issues like this. Can we talk about the last four years? I mean, it's a weird four years because, you know, you're starting the baseline in 2021, sort of during the worst of the post-pandemic chaos. There's been a decent amount of building, I think. However, it's a really expensive city.

There's a reason the affordability line was, I think, so effective in this recent mayoral primary. Like, well, you know, do you have a scorecard for how Mayor Adams did on housing? Hmm. I'd give him a C? Okay. I think C plus, maybe, B minus. All right, say more. I think the land use policy.

My children go to a progress. One of my children goes to a very progressive school. They don't have grades. They just have this kind of stuff. So you can give the sort of like a qualitative assessment. Feedback. Sure. I think the land use policy was generally pretty good.

You know, the city of yes, which you may have heard of, which is, you know, the biggest change of the zoning code in probably 70 years. The income support policy, sort of, which, you know, a lot of our housing woes are, you know, obviously the rents are too damn high and prices are too high, but also wages are too damn low. And, you know, we need to make sure that people can afford to pay rents. We need to make sure that people can afford to pay the rent that it costs to finance a new building. And the out of administration has fought sort of the expansion of voucher funding. Where I think it's fallen short on housing is dealing with sort of structural issues with our housing market, particularly the property tax system. And they are not the first administration to fall short on this issue. But I think it speaks to how much Adams's non-housing policies and the sort of extracurricular activities have impacted his ability to address structural issues like property taxes. Can you just explain? Yeah. So New York City's property taxes, property tax system has two sort of major distributional issues. One is that a neighborhood like Park Slope is way undertaxed relative to a poorer neighborhood like Canarsie.

So the same two properties paying the same amount of property taxes in those neighborhoods, the property in Crown Heights will be worth five times more and is paying the same amount of property taxes as the property in Carnarcy. The other distributional issue is multifamily versus single family or one to three family. And multifamily and commercial are taxed way more than their relative value contribution to the city's total property tax role. And this is a longstanding issue. There's been report after report and commission saying, you know, here's what we should do. And no one has sort of figured out how to go to Albany to craft a new regime that, you know, addresses these issues, which, you know, in addition to producing a lot of discriminatory impacts, are really hampering our housing production and on existing housing operating costs. And I think this is a particularly ripe time to address this issue because of the crisis with a certain segment of the rent-stabilized buildings because these buildings are way over taxed. So one could see, you know, in a best case scenario, the Mamdani administration is, you know, it's instituted its rent-frees, you know, buildings are starting to have trouble. The Mamdani administration doesn't want to see these buildings. You know, they don't want collapsing buildings. That's not good for tenants. It's not good for their political. You know, optical optics. It's not good for the city's image. So Albany says, all right, we're going to

create a new class for these rent stabilized buildings and it's going to lower their taxes. And that's going to alleviate, you know, the burden on these owners from keeping their rents very low. How much of this sort of existential concern being expressed by the real estate industry goes away if interest rates come down significantly? I think a lot of it, but it's still it would still be very much there. I think it would become acute, become less acute, but would persist because a lot of this is about these are longstanding conflicts between

the real estate industry and between landlords and tenants, between what political faction runs New York, and those cleavages would remain, even if interest rates are lower. I think interest rates would bail some people out and increase transaction volume and delay the time at which someone that's in trouble might go bankrupt, but structural issues would remain. Can you real quickly just explain the roots of the tax disparity or why, say, a unit in Brooklyn Heights is relatively under-taxed?

Mom, Doni got into a little bit of trouble because I think somewhere on his website at one point, it said something about historically white neighborhoods and people like, oh, he wants to tax white people more. It happens to be true, however, that a lot of the neighborhoods that benefit from this structure do happen to be. more white. But what is the origin of why certain neighborhoods are under taxed given their sort of like, you know, their economic phase? Sure. So I this, the current property tax regime was crafted in the early 1980s as a result of a court case. And it instituted caps on the amount that assessments can increase. Okay. And these places have seen their assessment surge. As a result. Yeah. So like Canarsie in 1982 was.

maybe a comparable income, middle income, lower middle income area that is it is now. Whereas Park Slope was a much less well-off area than it is now. And the property values in places like Park Slope and Williamsburg and to some degree, a place like Brooklyn Heights have skyrocketed. But the tax burden on those properties have not gone up commensarily. With your real estate hat on, who's going to win? Mom Nani. I think it's, I think these efforts to draft another candidate. or, you know, reboot the Cuomo campaign are totally doomed.

And the real estate industry, I think, is really internally, is very split over what to do. And, you know, some are going to back Merr Adams. Some are going to back Cuomo. Some are trying to craft a piece with Mondani. And some of them are just going to stay out. Ben Taipin. Thank you so much for coming back on Odd Lots. Always love getting you, Your level-headed perspective on what's happening in R.C.

Thank you so much. Ben. My pleasure. I always really like talking to Ben. I had not realized the sort of, I mean, there was a lot there that was interesting. That sort of, that source of the disparity in property taxes. It makes a lot of sense that if you just can't raise property taxes at a certain clip, how, you know, relatively undertaxed any sort of booming neighborhood such as Williamsburg will inevitably end up being. Yeah, that seems like a problem given that like a big chunk of the recent story of New York City is gentrification and all these neighborhoods where, like, a warehouse that used to cost, I don't know, 100,000 in the 80s now costs like 10 million or whatever.

The other thing I thought was really interesting, it's sort of hammered home that point that we discussed previously, but the idea of the competitive advantage for large landlords basically being they can network in City Hall, they can presumably do the paperwork and all of that stuff. And so if an administration comes in that jeopardizes that particular advantage, then they're not going to like it. Right. Like maybe the rules for development will be more stringent. Yeah. But if they're just sort of uniform where it's like, okay, and I don't know how it could ever be in real estate. But let's just say, you know, in this sort of abstracts and you check these four boxes and you are approved to build a new development. Then intuitively, yeah, that would sort of undermine the relative advantage. advantage enjoyed by a big powerful entity that sort of knows the system, so to speak. On the other hand, of course, maybe there are smaller property developers who really like the idea of a streamlined process, doing away with things like the parking requirement

and stuff like that, dual staircases versus single. I don't know. And I do think, like, you can't, you know, if you're anxious about what the Mamdani administration is going to bring, you can't really. simultaneously argue that it's going to stifle development and rents, right? If development gets stifled, then the market rents go up. And if, you know, and so there will be this balancing effect. You know, obviously there are the landlords who are deeply exposed to the rent-stabilized market. We've talked about them before, but they're hurting right now as it is. I also do think at some point

maybe we should talk about the prospect of a Supreme Court case in the next couple of years that eliminates rent stabilization or rent regulation period. You know, I mentioned the sort of cynical possibility of Mammondani being an accelerant that gets that case in front of the Supreme Court at some point could have big implications. This entire conversation has reminded me that I need to call my super and get something fixed in my apartment. So this was useful. This is what I miss about being a renter is I don't have someone that I can call as easily. It's all up to you.

There are some advantages to being a renter, you know. All right. Shall we leave it there? Let's leave it there. This has been another episode of the All Thoughts podcast. I'm Tracy Allaway. You can follow me at Tracy Allaway. Actually, I do have a super.

I just have to pay him now for it where it used to be all these various repairs and stuff. The burden fell on my landlord before. Now the burden. That's not too bad because like the big problem with supers I feel is just availability. Yeah, that's true. The big problem with getting something fixed is finding someone and getting them in. Anyway, every time something breaks, I have to pay for it. Now, they don't tell you that when you become a,

Honor. Pretty sure they do. And I'm Joe Wisenthal. You can follow me at the stalwart. Follow our guest, Ben Carlos Typen. He's at So Bendito. Follow our producers, Carmen Rodriguez, at Carmen Armin, Dashel Bennett at Dashbot, and Kel Brooks at Kel Brooks.

For more Oddlots content, go to Bloomberg.com slash Oddlots. We have the daily newsletter and all of our episodes. And you can chat about these topics 24-7 in our Discord. Discord.g. And if you enjoy Oddlots, if you like it, When we talk about New York City housing policy, then please leave us a positive review on your favorite podcast platform. And remember, if you are a Bloomberg subscriber, you can listen to all of our episodes, absolutely ad-free. All you need to do is find the Bloomberg channel on Apple Podcasts and follow the instructions there.

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