Billionaire investor Bill Ackman questioned New York City Mayor Zohran Mamdani (D) on Tuesday after a mayor-appointed commission recommended an 18.2% salary increase for the mayor and other elected officials, arguing the proposal contradicts the city’s recent rent freeze policy.
“Mamdani’s appointed advisory commission is recommending an 18.2% raise for himself and other elected officials purportedly because of inflation, yet his self-appointed Rent Guidelines Board, which is supposed to consider inflation in setting rents, froze rents for two years,” Ackman wrote on X. “A question for the mayor: How is this fair or appropriate?”
.@NYCMayor Mamdani’s appointed advisory commission is recommending an 18.2% raise for himself and other elected officials purportedly because of inflation, yet his self-appointed Rent Guidelines Board — which is supposed to consider inflation in setting rents— froze rents for two… https://t.co/iYDIViz0uQ
— Bill Ackman (@BillAckman) July 7, 2026
The comments came after the Report of the 2026 Quadrennial Advisory Commission recommended increasing compensation for New York City’s elected officials by 18.2%. The commission, appointed to periodically review elected officials’ pay, said salaries have remained unchanged since 2016 despite significant increases in the cost of living. It also cited growing responsibilities, salary compression with senior city employees and compensation trends in comparable public and private sector roles as reasons for the proposed adjustment.
Inflation Debate Takes Center Stage
The commission recommended raising the mayor’s salary from $258,750 to $305,800, while City Council members would see their pay increase from $148,500 to $175,500. It also proposed an annual inflation-adjusted mechanism if future pay commissions are not convened, although some government watchdog groups have expressed concerns about automatic increases.
Ackman’s criticism focused on the commission’s reliance on inflation while New York City recently froze rents for many tenants.
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Rent Freeze Draws Fresh Scrutiny
Last month, New York City’s Rent Guidelines Board voted 7-1 to freeze rent increases on one- and two-year leases for roughly one million rent-stabilized apartments, delivering on one of Mamdani’s signature campaign promises. The decision drew praise from tenant advocates but criticism from some landlords, who argued rising insurance, financing and operating costs were already straining building owners.
The mayor has made housing affordability a central part of his agenda, including a pledge to freeze rents on regulated apartments while expanding affordable housing. His broader economic policies have also drawn criticism from several prominent business leaders in recent weeks, including Tesla (NASDAQ:TSLA) CEO Elon Musk, as debate over affordability, taxation and wealth inequality has intensified in New York City.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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