Zohran Mamdani has succeeded in making “affordability” the primary driver of the present political debate.

As a long-shot candidate, Mamdani was able to campaign on a promise to “freeze the rent” for rent-stabilized tenants without significant scrutiny. Later, when Mamdani emerged as the frontrunner, he faced increased pressure to explain how he would hold the line on rents while ensuring that landlords would be able to meet the rising costs of maintaining their buildings.

Because the rent regulations limit the amount by which the landlords can raise rents, owners of regulated units increasingly have been unable to break even as the costs of running a building have ballooned.

In response, Mamdani rightly admitted that government needs to address the areas where law, regulation and policy are the drivers of higher costs that, in turn, place upward pressure on rents. He acknowledged the importance of property tax reform and, in his meeting with President Trump, agreed that government must help to reduce energy costs.

For owners of regulated buildings, no cost has grown faster than the expense of purchasing insurance. A housing report found that, between 2019 and 2023, the cost of insuring a........

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