Zohran Mamdani's NYC mayoral win rattled real estate stocks, with NYC REITs - ESRT, VNO, and SLG, slipping as investors priced in rent-freeze risks. Flagstar Financial (FLG) also dipped over loan exposure to rent-stabilised properties. Analysts warned that Mamdani's left-leaning agenda could squeeze rental profits and weaken office demand in the city.