Gov. Kathy Hochul won reelection, prevailing over Republican challenger and Nassau County Executive Bruce Blakeman, according to the Associated Press. This comes after real estate industry players poured money into Hochul’s campaign in hopes of shaping the policy agenda as a slate of left-leaning lawmakers head to Albany.
The votes are still being tallied, but Hochul’s margin will dictate her housing mandate for the upcoming years. Hochul sought to frame the election as a referendum on Blakeman’s ties to President Donald Trump and federal policy impacts on New York, and allied with Mayor Zohran Mamdani on many tenant-friendly stances like his pied-à-terre tax.
Donors to Hochul’s campaign included Jed and David Walentas of Two Trees Management, the Durst Organization, Doug Eisenberg of A&E Real Estate, Lisa Gomez of L+M Companies and Bill Rudin, while Blakeman counted James Dolan among his campaign’s biggest contributors.
Hochul is poised to sustain or even ramp up her “build, baby, build” strategy for addressing a housing shortage across the state next term, following reforms she made to the State Environmental Quality Review Act in this year’s state budget.
The governor also pushed for more housing development across the state’s suburban communities and clustered around transit in her 2023 New York Housing Compact, which she ultimately abandoned but could pursue again in a different form after reelection.
The staying power of the pied-à-terre tax Hochul crafted and her promised expansion of universal childcare in New York City will also be tests of her relationship with Mamdani during Hochul’s second full term, which the mayor extensively campaigned to help her secure.
Other races real estate is watching out for tonight include Attorney General Letitia James’ reelection fight against Saritha Komatireddy, along with a slate of Mayor Zohran Mamdani-endorsed state and Congressional candidates vowing to move New York politics further left.
This is a developing story and will be updated as results are posted.
