Deals & development · 11/03/2026
Hochul wins reelection over Blakeman with real estate industry backing
Gov. Kathy Hochul defeated Republican Bruce Blakeman, according to the Associated Press. Real estate donors backed her campaign hoping to shape her agenda as more left-leaning lawmakers head to Albany. She is expected to keep or expand her "build, baby, build" housing push, and her margin will shape her housing mandate.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Gov. Kathy Hochul won reelection over Republican challenger Bruce Blakeman, the Nassau County Executive, according to the Associated Press. The Real Deal reported the result on 11/04/2026 and said votes were still being tallied. It called this a developing story.
Real estate industry players gave money to Hochul's campaign, hoping to shape her policy agenda as a slate of left-leaning lawmakers heads to Albany. The Real Deal named donors including Jed and David Walentas of Two Trees Management, the Durst Organization, Doug Eisenberg of A&E Real Estate, Lisa Gomez of L+M Companies and Bill Rudin. James Dolan was among Blakeman's biggest contributors.
Hochul framed the race as a referendum on Blakeman's ties to President Donald Trump and on federal policy impacts on New York. She allied with Mayor Zohran Mamdani on many tenant-friendly stances, such as his pied-à-terre tax. The mayor campaigned extensively for her. The Real Deal said her margin will shape her housing mandate for the coming years.
Hochul is expected to keep or expand her "build, baby, build" approach to the statewide housing shortage. This follows changes she made to the State Environmental Quality Review Act in this year's state budget. The Real Deal said the pied-à-terre tax and her promised expansion of universal childcare in New York City will test her relationship with Mamdani in her second full term.
Key facts
- Winner
- Gov. Kathy Hochul, per the Associated Press
- Challenger
- Bruce Blakeman, Republican, Nassau County Executive
- Date reported
- 11/04/2026, with votes still being tallied
- Hochul donors named
- Jed and David Walentas (Two Trees Management), Durst Organization, Doug Eisenberg (A&E Real Estate), Lisa Gomez (L+M Companies), Bill Rudin
- Blakeman donor named
- James Dolan, among his biggest contributors
- Housing policy
- "Build, baby, build" strategy, after State Environmental Quality Review Act reforms in this year's state budget
- Policies to watch
- Pied-à-terre tax and expanded universal childcare in New York City
- Other race watched
- Attorney General Letitia James vs. Saritha Komatireddy
What it means
Landlords
Expect a governor who wants more housing built, working with a more left-leaning group of lawmakers in Albany. The final shape of housing rules for owners will depend on what passes next term, which the material does not detail.
Tenants and voucher holders
Hochul has allied with Mayor Mamdani on several tenant-friendly stances. The material does not say which specific tenant protections, if any, will move forward.
Buyers and owners
The pied-à-terre tax Hochul crafted is expected to be a test of her second term. Owners of such homes should watch for how it is carried out, since the material gives no rates or rules.
The highlights
- Donors included Two Trees' Walentas family, Durst, A&E, L+M and Bill Rudin.
- Hochul reformed the State Environmental Quality Review Act in this year's budget.
- Her pied-à-terre tax and NYC childcare expansion will test ties with Mayor Mamdani.
Why it matters Landlords
State housing policy, the pied-à-terre tax and new construction rules will be set by Hochul and a more left-leaning legislature.
What to do: Watch Albany for new housing and tax bills next session.
Not known yet
- Hochul's final vote margin
- Who the pied-à-terre tax applies to, its rate, and when it takes effect
- Results of the attorney general race and the Mamdani-endorsed legislative races
- Which specific housing or rent bills Albany will take up next term
Background
In New York, many core housing rules are set in Albany, not at City Hall. The governor and state legislature write rent stabilization law, and the state agency HCR administers rent-stabilized housing. The annual state budget, usually negotiated in the spring, is often the vehicle for major housing changes, so who holds the governor's office and the legislature shapes the rules landlords and tenants live under.
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