Deals & development · 11/03/2026
Election day 11/03/2026: governor race tests Hochul's housing agenda
New Yorkers voted on 11/03/2026 as Gov. Kathy Hochul faced Nassau County Executive Bruce Blakeman. Hochul signed environmental review reforms to speed housing construction and backs the pied-à-terre tax. Blakeman campaigned on lower state income taxes. New DSA and Working Families Party lawmakers may push to tax the rich.
Reported by The Real Deal · New YorkRead the original ↗
What happened
New Yorkers voted on 11/03/2026 in a general election that includes the race for governor between incumbent Kathy Hochul and Nassau County Executive Bruce Blakeman. The Real Deal reported that the results will be read as a referendum on Mayor Zohran Mamdani's local policies and on President Donald Trump's record. Trump has endorsed Blakeman. Polls are open from 6 a.m. to 9 p.m. on election day.
Early voting in New York City was nearly 60 percent higher than in the 2022 midterm, with more than 690,000 ballots cast across the five boroughs, according to The Real Deal. Candidates endorsed by the Democratic Socialists of America and the Working Families Party, who largely campaigned on taxing the rich, are poised to win state legislative races.
On housing, Hochul signed environmental review reforms meant to speed construction of affordable units, a goal she shares with Mamdani. She also created the pied-à-terre tax, a surcharge whose rollout The Real Deal called embattled. In an 10/30/2026 preview, The Real Deal reported that Blakeman has said he would push to change state laws limiting rent increases in order to put more empty rent-stabilized apartments on the market. The outlet said he would face an uphill battle in a Democrat-controlled legislature. Blakeman has also campaigned on lowering state income taxes. Hochul says she would not need to raise taxes to fund her health care and childcare plans.
Most large real estate donations went to Hochul. The Real Deal reported on 10/30/2026 that the New York Apartment Association's PAC, Leadership for NY, sent $3 million directly to Hochul's campaign, plus a $1 million independent expenditure through Better Housing Now. The Real Estate Board PAC did not back either candidate for governor this cycle. Separately, the election day story cited a Crain's report on Enterprise Community Partners' portfolio. It found insurance costs rose 169 percent from 2018 to 2025, averaging $2,030 per unit in New York City. Enterprise is calling for reforms to the state's Scaffold Law.
Key facts
- Election date
- 11/03/2026
- Poll hours
- 6 a.m. to 9 p.m.
- Governor race
- Gov. Kathy Hochul vs. Nassau County Executive Bruce Blakeman
- NYC early vote
- More than 690,000 ballots, nearly 60% above the 2022 midterm
- Blakeman housing pledge
- Push to change state laws limiting rent increases to put more empty rent-stabilized apartments on the market
- Landlord PAC spending
- Leadership for NY: $3 million to Hochul's campaign plus $1 million independent expenditure via Better Housing Now
- Insurance costs
- Up 169% from 2018 to 2025 in Enterprise Community Partners' portfolio; $2,030 per unit average in NYC
- Brooklyn permit
- 340 Livingston Street, Downtown Brooklyn: proposed 17-story, 92,555-square-foot mixed-use building with 93 dwelling units
What it means
Landlords
The winner and the makeup of the legislature could shape tax policy and any attempt to change rent-stabilization rules. Blakeman's plan to loosen rules on empty stabilized units would need the legislature, which The Real Deal described as Democrat-controlled.
Tenants and voucher holders
Rent-stabilization protections are set by state law, so the governor and legislature both matter. No change takes effect from the vote itself. Any change would have to pass in Albany.
Buyers and owners
Hochul has stood by the pied-à-terre tax, and incoming lawmakers backed by DSA and WFP campaigned on taxing the rich. Owners of high-value property could see more pressure on taxes if Hochul wins and those candidates take office.
The highlights
- Enterprise reports insurance costs up 169% from 2018 to 2025, $2,030 per unit.
- A 17-story, 93-unit building was filed for 340 Livingston Street in Downtown Brooklyn.
- Early NYC turnout topped 690,000 ballots, nearly 60% above the 2022 midterm.
Why it matters Landlords
The governor's race could shape housing construction rules, building taxes and pressure on Albany housing policy for NYC owners.
What to do: Watch the governor results for changes to state housing and tax policy.
Not known yet
- Who won the governor's race and the state legislative races
- Exact details of Blakeman's proposed changes to rent-stabilization law
- How the pied-à-terre tax works and whom it applies to
- Which specific tax proposals the incoming DSA and WFP lawmakers plan to introduce
Background
Rent stabilization in New York City is governed by state law, which the state legislature writes and the governor signs. The state agency HCR administers it. A separate city body, the Rent Guidelines Board, votes each year on allowable increases for stabilized lease renewals. Changes to the underlying rules, such as how vacant stabilized apartments are treated, generally require new state legislation rather than action by the mayor.
Buildings in this story
- 340 Livingston Street · building facts and open city records
Also drawn from: What’s at stake for real estate on election day (The Real Deal · New York)
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0