Why NYC real estate donors keep backing Democrats

What happened

The Real Deal's NY Dirt newsletter, published October 21, 2026, looked at why many New York City real estate donors back Democrats even as the party's left wing gains ground. It pointed to two recent stories that show the tension.

The first is a new political group. The Real Deal reported on October 20 that Compass agent Jason Haber and the team behind the American Real Estate Association (ARA) are starting Built for New York, a 501(c)(4) nonprofit. It plans a year-long effort to register and mobilize real estate professionals across the five boroughs. It also plans to reach co-op and condo boards, homeowners, tenants and NYCHA leaders. One priority is pushing for an open primary in New York, since many people in the industry are registered independents and cannot vote in June party primaries. Haber told the New York Times the group had about $500,000 pledged. As a 501(c)(4), it does not have to disclose its donors. Its next step is hiring a political director and other staff.

The second is about campaign money. The New York Post reported that real estate executives have given far more to Gov. Kathy Hochul's re-election campaign than to her Republican opponent, Bruce Blakeman. State GOP Chairman Ed Cox told the Post those donors likely feel "burned" because Hochul supported the pied-a-terre tax. The Post also reported that Jed Walentas of Two Trees Management, who chairs the Real Estate Board of New York's board, gave $129,600 to the Hochul-led New York State Democratic Committee in August.

The newsletter said real estate figures back Democrats partly because Democrats hold power in New York, and partly for social and business reasons. PR consultant Jay Martin said wins by candidates backed by the Democratic Socialists of America have many in the industry asking why they support Democrats. The piece also noted DSA is debating its own role in electoral politics, with housing a central issue in New York.