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

In an interview with CNBC, the billionaire said the New York City will essentially turn into Mumbai under Mamdani's tenure, suggesting that tenants will 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.

Billionaire real estate investor Barry Ste...