New Partnership CEO Steve Fulop discusses housing policy and the learning curve for NYC’s socialist mayor
Partnership CEO Eyes Housing as Key Challenge
New Partnership for New York City Chief Executive Steve Fulop recently sat down to discuss Mayor Zohran Mamdani’s early tenure, offering insights into how the business community views the city’s new socialist leader. Fulop, who previously served as mayor of Jersey City for three terms, brings a unique perspective to his new role representing over 300 major businesses in the city. His comments reflect both cautious optimism and significant concerns about how Mamdani will navigate the sometimes-competing demands of his activist base and effective city management.
A Mayor in His Learning Phase
During an interview with The Real Deal, Fulop acknowledged that he relates to Mamdani’s experience of becoming a mayor at a relatively young age. “I was elected as a mayor at 35 years old, trying to balance a political base that was pushing me to do certain things versus what I thought was in the best interest of Jersey City,” Fulop explained. “I think he has to ultimately experience some of the give and take and grow.” This assessment suggests that Fulop believes Mamdani will eventually moderate his positions as he gains experience in executive governance, a common pattern among ideologically driven mayors who must confront the practical realities of running a major city. Fulop’s perspective carries weight given his own background as a young, reform-minded executive who had to balance competing interests.
Housing Conversation and Business Engagement
The housing conversation between Fulop and Mamdani appears to have been more intimate than public statements suggest. According to Fulop, the meeting involved only a small group of real estate executives. “He has a lot of smart questions. He’s very curious, and I think he’s very committed to being an effective mayor,” Fulop stated. The Partnership is preparing to push a pro-growth housing agenda that includes policies making it easier for developers to build, property tax reform, and public safety measures. However, uncertainty remains about how vocal the Partnership will be regarding Mamdani’s pledge to freeze rents for stabilized apartments. As Fulop noted, the organization’s response will depend on how that promise actually plays out in practice.
The DSA Factor and Business Nervousness
Fulop was candid about the concerns within the business community regarding Mamdani’s socialist ideology and his connections to the Democratic Socialists of America. “There’s a lot of nervousness. I think that nobody knows what a socialist mayor looks like. You haven’t seen a socialist executive in any prominent role in decades,” Fulop said. He further explained that most DSA-affiliated politicians have served in legislative roles, where they can “throw bombs from the outside with less accountability.” As an executive directly responsible for budgets and outcomes, Mamdani faces a different set of expectations.
Tax Increases and Private Sector Partnership
When asked about Mamdani’s call to increase taxes on businesses and wealthy individuals, Fulop emphasized the importance of strategic partnerships between public and private sectors. “The CEOs in the Partnership are responsible for billions upon billions of dollars in budgets, hundreds of thousands of employees. We want to be helpful. The public sector is most effective when they think about strategic partnerships with the private sector,” he said. Fulop acknowledged that Mamdani’s base may not appreciate such partnerships, but he believes effective mayoral governance requires recognizing that a base is not always correct. This tension between ideological commitments and practical governance will likely define much of Mamdani’s term. Fulop’s experience leaving Jersey City with complicated fiscal questions hanging suggests that such tensions can have long-term consequences.
Developer Concerns and the Real Estate Community’s Skepticism
Developers who worked with Fulop in Jersey City remain nervous about the new NYC administration. Fulop acknowledged that in his previous role, “there’s a lot of things that we started that are in queue.” The hope is that Mamdani will continue progress on development projects begun under previous administrations. However, concern persists because Mamdani’s campaign positioned the real estate community as the villain. Fulop expressed hope that the mayor would moderate this rhetoric now that he has been elected, but he remained cautious about whether that moderation would actually occur. The real estate community’s anxiety is grounded in legitimate concerns about whether the new administration would continue existing projects or redirect resources toward different priorities.
A Transition from Activism to Governance
Fulop’s assessment suggests that the business community is watching Mamdani’s transition from activist and state legislator to chief executive with a mixture of hope and concern. While Mamdani showed curiosity and intelligence in his conversations with business leaders, the fundamental tension between his ideological commitments and the practical requirements of governing a major city remains unresolved. For more context on NYC business policy and development, see Partnership for New York City. For insight into housing policy debates, review Urban Institute housing analysis. To understand NYC rent regulations, consult New York State Homes and Community Renewal. For perspectives on municipal governance, see International City County Management Association. The coming months will reveal whether Mamdani can successfully balance the demands of his political base with the practical requirements of effective city management.
