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Fortune

Nick Lichtenberg

'Socialism is a disaster': Bill Ackman says Zohran Mamdani's bad left-wing housing policy is worsening New York's affordability crisis

Bill Ackman Zohran Mamdani Fortune Ken Griffin Socialism United States New York

US hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4, 2026. (Credit: Patrick T. Fallon / AFP via Getty Images)

Bill Ackman has a diagnosis for why it’s so expensive to live in New York City, and it isn’t capitalism — it’s City Hall.

In a wide-ranging interview with Fortune Editor-in-Chief Alyson Shontell for the Fortune 500 Titans and Disruptors of Industry podcast series, the Pershing Square CEO argued that New York’s affordability crisis is a policy failure, not a market one — and that Mayor Zohran Mamdani’s rent-freeze agenda is actively making things worse.

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