Jeffrey DeBoer and James Whelan

These days, property owners in the nation’s premier real estate market feel caught between the unpredictability of Washington’s economic policies and City Hall’s pro-tenant agenda.

Developers have disagreed with much of New York Mayor Zohran Mamdani’s tax agenda, including a proposed pied-á-terre measure, as well as his call to freeze rents for rent-regulated apartments. Meanwhile, tariffs and the Iran war have driven up the price of building materials and oil.

But real estate industry advocates James Whelan and Jeff DeBoer have repeatedly sought to find common ground with the new administrations by emphasizing the need to meet the country’s insatiable demand for more housing.

After playing a central role last year in Midtown South’s rezoning, removing a density cap for new projects, and the passage of the 467m residential conversion tax incentive, Whelan has been urging the Mamdani administration to fully staff the Department of Housing and Preservation Development and pursue policies to ensure new multi-family housing projects can pencil out.

“New York real estate is operating in a difficult political and economic environment, and that has required steady engagement,” Whelan said. “A key focus continues to be housing, given the city continues to face a severe shortage of supply.”

This year, Whelan has advocated for state lawmakers to modernize the J-51 tax incentive allowing property owners to invest in expensive building repairs, and also to pass reforms of the state’s environmental review rules to speed up the production of new housing.

“The current review framework adds years to development timelines and significantly increases costs, limiting the city’s ability to deliver new housing at the scale required,” Whelan said.

In D.C., DeBoer spent much of last year working to prevent Congress’ signature legislative package from harming real estate investment. But he also helped extend the Opportunity Zone program to 2032. And he helped increase the amount of tax credits states could issue for low-income housing.

DeBoer is currently urging Congress to resolve differences over a bill that could spur additional housing supply by allowing more companies and institutional investors to build single-family homes for rent. The delays have led financing in some projects to dry up.

“The demand is constantly increasing for housing, so you have to have a dynamic supply chain that meets the demand, and part of that requires capital,” he said. “Where does capital come from if you want to meet that challenge?”