The Penn East End Gateway LIRR Concourse | Andrew Cuomo by Metropolitan Transportation Authority / Patrick Cashin - https://www.flickr.com/photos/mtaphotos/31192356394/, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=59179257
We sought insights from Brad Gerstman—a real estate transactions lawyer, lobbyist, and government relations expert—on how Andrew Cuomo and Eric Adams might approach the role of mayor differently, specifically in terms of real estate. Both have extensive track records to draw on… and a lot of baggage. Comparing their experience and accomplishments, Gerstman weighs in on their pros and cons and ultimately reveals who he thinks will get the job done best.
MC: How do Cuomo and Adams’ policies and track record compare?
BG: Cuomo and Adams are essentially running in the same lane when it comes to real estate, setting aside all their other issues, of which there are many. Both come from Albany—Adams from the State Senate and Cuomo as a nearly three-term governor.They share similar relationships within the real estate community, though Cuomo's history with the industry is more contentious, while Adams’ connections are more solid. Yet, Cuomo has tons of friends in the real estate industry. If he puts his mind to focusing on NYC real estate, there is no politician I can say I believe can get it done better than him. If Cuomo decides to go after this issue, he could make a significant positive impact. Cuomo is all about execution, he gets it done. Campaigns often speak in theory and thought but mayors can make it happen.
In 2021, Andrew Cuomo and the state selected this proposal to redevelop the Kingsboro Psychiatric Center campus into a 900-unit affordable housing complex with public green space and community amenities in Brooklyn’s East Flatbush. | https://www.6sqft.com/see-the-900-unit-affordable-complex-designed-by-adjaye-associates-coming-to-east-flatbush/
Under Cuomo's administration, the real estate community was often disappointed with policies that heavily favored tenant protections. Pro-tenant organizations saw these policies as victories, such as the 2019 rent regulation reforms that nearly eliminated incentives for landlords to renovate and return regulated units to the market. As a result, many of those units are now being warehoused. Some of these changes stem from Albany, while others are controlled directly by the city.
If Cuomo were to return to Albany, it would be fascinating to watch. Hochul is unlikely to engage in that political battle. The question would be - would Cuomo overshadow the governor? Historically, we've seen this dynamic before with Giuliani and Pataki, where the mayor held a platform that often equaled — and at times exceeded — that of the governor.
If Cuomo were to return to Albany, it would be fascinating to watch. Hochul is unlikely to engage in that political battle. The question would be - would Cuomo overshadow the governor? Historically, we've seen this dynamic before with Giuliani and Pataki, where the mayor held a platform that often equaled — and at times exceeded — that of the governor.
Cuomo oversaw an enormous amount of massive infrastructure projects, including LaGuardia and Kennedy airports, the Mario Cuomo Bridge, the Kosciuszko Bridge, and the Second Avenue Subway. These are monumental accomplishments. Has anyone in our modern era achieved more in infrastructure?
Cuomo knew the power he had. He understood every level of government. When de Blasio threw a punch, Cuomo would throw three back. He leveraged the state's power the same way he did with Trump at the federal level. Cuomo is a master at identifying where his leverage lies and how to control and utilize it effectively.
Adams is currently dealing with a hostile City Council — and Cuomo would face the same challenge.
Adams, through passing the "City of Yes”, has made necessary changes to loosen zoning laws and promote more affordable housing development. However, certain challenges remain unsolved due to Albany's control. Adams continues to lobby Albany for budget support and solutions to key city issues.
Adams deserves credit for pushing the Department of Buildings to shift its mentality and mindset. He did everything humanly possible to get the Department of buildings to listen and that’s a real feather in his cap. It's a bureaucracy that's now starting to listen and understand the business case for why development needs to happen. He gets a few stars for that. He needed those partnerships to create more housing.
MC: Is affordable housing going to be their priority?
BG: Clearly, the number one issue aside from public safety is affordable housing. Rents have skyrocketed, and the supply simply isn't enough to meet demand. Bidding wars over rental apartments are now common. Over the years, we've seen rents decrease while condo and co-op prices have surged, people shifting from owning to renting and then from renting to owning, now rents are skyrocketing. The shortage of rental units is critical, and action is needed.The real estate industry is driven by momentum, but cutting through the red tape is a major challenge. If you talk to industry insiders, they could go on for hours about the obstacles they face. A large part of my job is to reduce that red tape — it's everywhere.
Not having 421A has been a major blow to the real estate industry. It changed everything. Developing affordable housing is only possible with the participation of the housing industry, yet they’re constantly at odds with the NYC Council, which won’t even accept donations from the real estate sector.
Pro-tenant groups believe landlords are making a fortune off the backs of high rents, but the reality is more complex. Look at rent-regulated buildings — it's similar to the collapse of taxi medallions. Buildings once valued at $5,000,000 to $8,000,000 are now selling for $300,000, with a net negative revenue stream. That was a result of Cuomo's policies. If he returns, he’ll need to focus exclusively on operating NYC.
On the positive side, Cuomo is undeniably one of the most effective operators of government. He often says, “Government can work,” and he’s proven that by making it function. You could easily imagine him running a Fortune 500 company — there’s no incompetence, he knows the path forward. He genuinely tried to improve the city's affordable housing stock and could be a very effective mayor, as long as he avoids getting caught up in personal vendettas or the kind of political drama that defined his relationship with de Blasio.
While Cuomo’s track record on development is remarkable, Adams deserves credit for his efforts in pushing the Department of Buildings to adopt a more business-friendly mindset. It's a bureaucracy that's starting to listen and understand the economic argument for accelerating development. Adams has earned some recognition for that, but he needed partnerships to create more housing across all sectors.
With the primary in June, if Eric Adams wins the primary, it could immediately shift the dynamic of his administration. Republicans typically don’t put up much of a fight in the mayoral race, so I see him moving forward with significant new agendas. One critical issue is affordable housing — an area where he didn't make the progress he aimed for in his first term. That, along with public safety, would be a top priority. With multiple police commissioners in one term, it’s been a challenging run. But now, he can focus on getting the industry to step up and build more housing.
MC: What issues are state vs. city?
BG: Affordable housing is really a state issue. The voucher system that can supplement real estate happens on the state level.Similarly, the MTA is a state controlled entity, not part of state government, because of budget and appointees, MTA is the governor’s problem. Cuomo whiffed on it, kind of, while in office. He pushed for the Congestion Tax, it was a part of his 2019 legislation, but now he is saying that it's not the right time for it. The MTA needs funding but the NYC Mayor has little say when it comes to the MTA. As Mayor, Cuomo wil hammer the MTA by wanting more real estate accessibility, and nicer trains. We need a better product and service. Might put a significant amount of pressure on Hochul. He will use the pulpit to scream.
MC: What are your summary thoughts?
BG: If Cuomo heads back to Albany, it will be interesting to watch. I don't think Hochul will be part of the shooting gallery but could Cuomo upstage the governor? Look back at Giuliani and Pataki — Pataki was clearly second fiddle to the mayor. Historically, the mayor’s platform in New York has often been equal to, and in some cases even greater than, that of the governor.Cuomo supported the City of Yes, and Adams got it done. Cuomo seems more inclined to collaborate with the industry, while Adams added $5 billion to promote housing initiatives. At the end of the day, they share the same mentality: lean on the private sector and come up with creative solutions.
One of the Adams' administration most ambitious housing proposals, the redevelopment of the Fulton and Elliott Chelsea Houses, has yet to get off the ground
No one executes better than Cuomo. If he says he's going to fix NYCHA buildings, I’d bet he’d actually get it done — unlike the empty promises we've seen in the past.
What we need in a mayor is execution. Look at LA — when the fires started, you needed capable people in place to handle the crisis.
During the hurricane, Cuomo guided the state and city through the storm. We were lucky to have him at the helm. Big cities don’t need ideology — they need execution, blocking and tackling, the basics.
Would Cuomo deliver? I think he’d excel.
What we need in a mayor is execution. Look at LA — when the fires started, you needed capable people in place to handle the crisis.
During the hurricane, Cuomo guided the state and city through the storm. We were lucky to have him at the helm. Big cities don’t need ideology — they need execution, blocking and tackling, the basics.
Would Cuomo deliver? I think he’d excel.
Contributing Writer
Michelle Sinclair Colman
Michelle writes children's books and also writes articles about architecture, design and real estate. Those two passions came together in Michelle's first children's book, "Urban Babies Wear Black." Michelle has a Master's degree in Sociology from the University of Minnesota and a Master's degree in the Cities Program from the London School of Economics.
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