Shares of real estate investment trusts with exposure to New York City, including Empire State Realty (ESRT), Vornado (VNO) and SL Green Realty (SLG), are moving lower after Zohran Mamdani looks set to become the Democratic nominee for mayor of New York City. The concerns stem from Mamdani’s stated goal that is more socialist-oriented and potentially may lead to more selective corporate spending in the city and more out-migration of individuals and families, reducing the need or growth of office leasing, Mizuho analyst Vikram Malhotra told investors in a research note.
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