New York Mayor-elect Zohran Mamdani's choice of Lina Khan, the former Federal Trade Commission (FTC) chair, as his transition team advisor sends a warning to private equity firms in the state that have been raising rents and dominating local healthcare industries. Experts see this appointment as a signal that younger Democrats like Mamdani are taking a new approach to tackling these issues.
Private equity's practice of "roll-ups" – acquiring many small local firms and consolidating them into one larger entity – has become increasingly problematic in the US, with private equity involvement linked to worse health outcomes, including death. Khan played a key role in aggressively pursuing this practice on the national level during her time at the FTC.
While Khan may not have direct authority over private equity-backed healthcare companies in New York, her appointment is largely symbolic, given the limitations of municipal power. However, experts believe Mamdani could make things difficult for these firms by forcing transparency at the municipal level. Private equity often goes unreported below a certain threshold, but Khan worked to change this under Biden.
Mamdani's focus on making rent more affordable also aligns with the agenda that Khan brought to the FTC. The real estate private equity firm Sugar Hill Capital Partners has been accused of allowing its buildings to become uninhabitable in order to drive out tenants and raise rents. Khan's appointment is thought to be directed at private equity landlords like these firms.
While Adler notes that municipal power may not be enough to stop acquisitions, he also points to the potential for Mamdani to create more competition by strengthening New York City's public hospital system and resisting contracting with private equity firms. The city already has a robust public hospital system, which could provide a foundation for this effort.
Private equity's practice of "roll-ups" – acquiring many small local firms and consolidating them into one larger entity – has become increasingly problematic in the US, with private equity involvement linked to worse health outcomes, including death. Khan played a key role in aggressively pursuing this practice on the national level during her time at the FTC.
While Khan may not have direct authority over private equity-backed healthcare companies in New York, her appointment is largely symbolic, given the limitations of municipal power. However, experts believe Mamdani could make things difficult for these firms by forcing transparency at the municipal level. Private equity often goes unreported below a certain threshold, but Khan worked to change this under Biden.
Mamdani's focus on making rent more affordable also aligns with the agenda that Khan brought to the FTC. The real estate private equity firm Sugar Hill Capital Partners has been accused of allowing its buildings to become uninhabitable in order to drive out tenants and raise rents. Khan's appointment is thought to be directed at private equity landlords like these firms.
While Adler notes that municipal power may not be enough to stop acquisitions, he also points to the potential for Mamdani to create more competition by strengthening New York City's public hospital system and resisting contracting with private equity firms. The city already has a robust public hospital system, which could provide a foundation for this effort.
like they're some kinda parasite feeding off our backs. And now that Zohran Mamdani's got Lina Khan on board it's like a warning shot across their bow 
I mean, we all know how much of a pain in the neck she was at the FTC but at least she gave a damn about holding them accountable 
and now our Mayor-elect is making sure that New York City is gonna fight back against these rent-rip-off artists 
which is more than we can say for most politicians I mean, they're just too scared or corrupt to rock the boat 
but not Mamdani and Khan, they're like two peas in a pod 
fighting for a better future where our cities are actually run by us, not these corporate monsters 
. Zohran Mamdani's move to bring on Lina Khan as his advisor is like a warning shot across the bow of private equity firms in NY. These guys have been taking advantage of people with their rent hikes and healthcare takeovers, and Khan's appointment is like a 'we're watching you' vibe.
. Lina Khan's appointment as his transition team advisor is like, totally on point - she's all about holding these big corporations accountable for their actions 
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! It's like he's sending a clear message to private equity firms in NY that they can't just do whatever they want and get away with it. I mean, Khan was a total boss at the FTC and she's not afraid to take on these big corporations. And Mamdani is all about making rent more affordable, which is like, totally necessary for so many people living in NYC 
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her appointment is sending major vibes to private equity firms in NY that have been taking advantage of local healthcare and renters 
. i mean, we all know how problematic "roll-ups" are (worse health outcomes, death... like, no thanks) but Khan was the one who brought the fire to the FTC on a national level 
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. and Mamdani seems like he's got her back on this one. lets hope he uses his power to make rent more affordable and strong-arm those problematic private equity firms 
! Choosing Lina Khan as his transition team advisor is like, super strategic 
. I mean, private equity firms have been getting too big for their britches in the state, and now Mamdani's sending a clear message that they're not welcome with open arms 
. Khan's expertise on "roll-ups" will definitely make them think twice before coming to NYC, and forcing transparency is like, so necessary 
. Bring it on, Sugar Hill Capital Partners! 
And now Mamdani's all like "oh no, we won't let that happen in our city" 
.
Mamdani's also makin' some waves with affordable rent 
and strengthenin' the public hospital system? 
that's some real policy changin' 
I'm loving this move by Zohran Mamdani 
. And now Mamdani's gonna force transparency at the municipal level? 
Yes, please! 
. And can we talk about the public hospital system? 
Strengthening it is like, totally necessary 
. This is gonna be good! 
. It's like he's saying to private equity firms in NYC, "Hey, we're onto you guys" 
, and Khan's experience at the FTC was instrumental in taking them down. Plus, her focus on making rent more affordable is music to my ears 
! And let's not forget about Sugar Hill Capital Partners... it's like Mamdani's saying, "We're watching you" 
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. we'll be watchin this situation closely 
and if Sugar Hill Capital Partners is worried, they should totally be 
. btw, who wouldn't want to live in a city where the public hospital system is super strong and private equity firms can't just swoop in and take over? 
. And hey, if he can make rent cheaper for people, that's something we should all be supporting 
. In the meantime, let's just keep an eye on it and see what happens 
. Lina Khan comin' on board as Mamdani's advisor is like a shot of adrenaline straight to the heart 
. She was all about bringin' some transparency to those big firms during her time at the FTC, and now she's gonna do the same thing in the city 
. I'm keepin' my fingers crossed that Mamdani can make some real changes happen 
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. Mamdani's focus on transparency and creating more competition for private equity firms is exactly what we need right now 
. We should be able to afford our own homes without having to worry about being evicted because some big firm wants to make a profit. It's time for some real change in NYC, and I'm glad Mamdani is taking the first step 
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