Diane Morales on the vision of progressive people in real estate

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When it comes to mayoral elections, real estate seems safe

Yet the progressive ideals of leftist candidates like Diane Morales resonate with many New Yorkers. It may not be enough to propel her or even the race’s progressive standard-bearer, Maya Wheely, into Gracie’s mansion, but the industry still sees these positions as a threat.

It shouldn’t be like that, Morales suggested.

“I’m not demonizing the real estate industry,” Morales told The Real Deal.

And she clearly understands the importance of home ownership for people of color, noting that it is often “the only vehicle for any kind of accumulation of wealth” in their communities.

However, many of her takes don’t tick the box on real estate. Morales talked about giving communities more say in zone changes, raising taxes on vacant properties, limiting rents for small businesses, establishing affordability and capitalizing on development, among other issues. She accused the “speculative housing model” of gentrification.

Whether the industry likes them or not, Morales’ ideals are gaining ground, especially among young voters.

What could the changing progressive tide mean for real estate? Watch the interview above for a hint.

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