New Delhi, Nov. 12 -- Billionaire property magnate Barry Sternlicht drew a controversial comparison between New York and Mumbai, while criticising New York's mayor-elect, Zohran Mamdani.

In an interview with CNBC, the billionaire said New York City will essentially turn into Mumbai under Zohran Mamdani's tenure, suggesting that tenants could be emboldened not to pay their rent.

He said, "The far-left gets really nuts and says the tenants don't have to pay. Well, you can't kick them out if they don't pay."

"So, the neighbour finds out the neighbour isn't paying, and they don't pay, and the next guy doesn't pay, and then you're basically going to turn New York City into Mumbai," Barry Sternlicht said.

Starwood Capital, billionaire real ...