New York City’s developers and landlords are in a mad scramble to block from City Hall the socialist who wants to freeze rent.

Zohran Mamdani struck fear across the business community after his Tuesday night surprise victory against former New York Gov. Andrew Cuomo, who conceded in the city’s Democratic primary for mayor. In the days since, phones across the real-estate industry are ringing almost nonstop as panicked executives scrape together their contingency plans.