Sergey Brin will stop investing in the Big Apple due to the measures of radical Mayor Zohran Mamdani
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The co-founder of Google, Sergey Brin, who has warned on several occasions about the advance of socialism in democratic states, will liquidate his real estate investments in New York and leave the city due to the communist policies of Mayor Zohran Mamdani.
"I fled socialism with my family in 1979 and I know the devastating and oppressive society it created in the Soviet Union," Brin expressed in a statement some time ago. Now, various reports claim that the billionaire is withdrawing his investments in New York City as Mamdani and his entourage continue to consolidate their power.
According to The New York Post, Brin is part of a group of New York owners who prefer to sell their real estate investments "for a few cents" rather than be subject to Mamdani's regulations. One of the biggest concerns for this group of landlords is the rent freeze that the mayor imposed on a million apartments in the city.
The co-founder of Google will stop investing in the New York real estate market
Mamdani ordered a rent freeze
This measure, which will apply to lease agreements lasting one and two years, freezes rent prices to "provide relief to tenants amid high living costs," but does nothing for landlords -especially small ones- who face rising expenses such as insurance, utilities, property taxes, and maintenance.
"The simple and deeply concerning fact for tenants is that institutional capital -both equity investors and lenders- is fleeing the stabilized rental apartment sector in New York City," a spokesperson for A&E, an investment group affiliated with Brin, told the Post.
In April, Brin had already opposed and invested a substantial sum to defeat a legislative proposal in California that sought to impose a one-time tax of five percent on billionaires residing in the state.
The co-founder of Google will liquidate his real estate investments and leave New York due to the advance of communism
