America went to the polls Tuesday in an election wave that could redraw the nation’s development map and reset the flow of real estate capital heading into 2026.
From statehouses to city halls, voters weighed choices that will dictate where buildings rise, how projects get financed and who holds sway over growth, zoning and infrastructure dollars.
Six states — California, Colorado, Maine, New York, Texas and Washington — faced 24 statewide ballot measures, several carrying direct consequences for commercial real estate.
California’s Proposition 50 shifts congressional redistricting power back to lawmakers, potentially rerouting future federal infrastructure funds. In New York, a narrowly tailored constitutional amendment opens protected Adirondack land for limited development. And in Texas, a slate of 17 constitutional changes revises tax, debt and bonding rules that form the bedrock of local public finance.
New governors in Virginia and New Jersey, along with mayoral contests in New York City, Miami, Boston, Cleveland, Jersey City and other metros, will now set the tone for housing incentives, permitting timelines and building regulations — the levers that will control deal flow and shape the next CRE cycle.
Here’s what passed, what failed — and where policy and property meet next.
Gubernatorial Races
Virginia
Abigail Spanberger’s win flips Virginia’s governorship over to Democratic hands, but her moderate policies may still mean stability for the nation’s largest data center hub. Spanberger, the first woman elected governor of the commonwealth, has emphasized protecting the federal workforce and supporting tech infrastructure, aligning with Northern Virginia’s push to expand grid capacity, broadband and artificial intelligence-driven industry clusters. Her centrist, pro-business stance is expected to sustain incentives for hyperscale development in Loudoun and Prince William counties while balancing environmental and community concerns. For CRE investors, it points to steady demand in the state’s high-growth digital and industrial corridors heading into 2026.
New Jersey
Democrat Mikie Sherrill’s victory in the New Jersey governor’s race over Republican Jack Ciattarelli extends Democratic control in Trenton and signals continuity on the state’s affordability, housing and infrastructure agenda. For commercial real estate, that means the state’s aggressive incentive programs, transit-oriented development push and mixed-use zoning reforms are likely to continue. Developers had braced for potential changes under Ciattarelli, who favored tax cuts and regulatory rollbacks. Sherrill’s win ensures steady policy for projects tied to the Gateway tunnel, offshore wind and urban redevelopment corridors.
Mayoral Races
New York City
Democratic Socialist Zohran Mamdani, 34, defeated former Gov. Andrew Cuomo and Republican Curtis Sliwa to become New York City’s first Muslim mayor-elect, winning 50.4% of the vote in a record-turnout election. The Queens assembly member campaigned on rent freezes, higher taxes for the wealthy and free transit — alarming real estate leaders who warned of tighter regulation and stalled investment. Developers like RXR, SL Green and Vornado backed Cuomo through the Fix the City super PAC, though some, including BXP CEO Owen Thomas, have since downplayed fears, citing the city’s strong office and investment rebound. Even Vornado CEO Steve Roth reassured stockholders that “everything will work out” under Mamdani’s leadership.
Miami
County Commissioner Eileen Higgins and Ron DeSantis-backed former City Manager Emílio González will head to a runoff Dec. 9 after leading a crowded 13-candidate field. Beyond politics, the outcome will shape Miami’s approach to housing affordability, flooding resilience and Downtown redevelopment — including the proposed future home of the Donald J. Trump Presidential Library and an ongoing influx of corporate relocations. Higgins, a Democratic engineer-turned-commissioner, has emphasized inclusive growth and infrastructure investment, while González has tied his campaign to GOP tax cut policies that could reshape local revenue streams funding city projects.
Atlanta
Atlanta Mayor Andre Dickens cruised to reelection Tuesday with more than 50% of the vote, avoiding a runoff and solidifying his agenda around housing and infrastructure. Dickens, who has pledged to produce or preserve 20,000 affordable homes by 2030, is expected to double down on policies shaping the city’s growth pipeline — from zoning reform to major infrastructure and transit investments tied to economic development. His second term comes as Atlanta’s development community faces mounting pressure over affordability, permitting delays and neighborhood resistance to density.
Boston
Boston Mayor Michelle Wu secured a second term in an uncontested race Tuesday night, reaffirming her hold on City Hall as votes for council seats were still being tallied. Wu’s win was effectively sealed after challenger Josh Kraft dropped out in September following weak preliminary results. Over the last four years, Wu has pushed policies that drew mixed reactions from the real estate community — including higher inclusionary development and linkage fees, net-zero building mandates and efforts to raise the property tax burden on commercial properties.
Detroit
City Council President Mary Sheffield won in a landslide to become Detroit’s first female mayor, succeeding Mike Duggan. Promising to “rebuild,” she is prioritizing income growth, commercial corridor revival and structural property tax reform to ease burdens on residents and businesses.
Minneapolis
Minneapolis’ mayoral race heads to ranked choice voting between incumbent Democrat Jacob Frey and state Sen. Omar Fateh, a 35-year-old Democratic Socialist dubbed the “Mamdani of Minneapolis.” Fateh’s grassroots push for rent stabilization and affordability contrasts with Frey’s developer-friendly bid to revive downtown Minneapolis. The outcome could reshape the city’s development pipeline, as Frey courts investors to revive its office and retail base and Fateh pushes for rent stabilization, zoning reform and a more aggressive affordability agenda.
Jersey City
City Council Member James Solomon and former New Jersey Gov. Jim McGreevey will face off in a Dec. 2 runoff after neither secured a majority in Tuesday’s seven-person, all-party race to succeed Mayor Steve Fulop, who is leaving office to become CEO of the Partnership for New York City. Fulop helped oversee more than $1.4B in new tax revenue and thousands of housing units during his 13-year tenure. The runoff could shape Jersey City’s development trajectory, with Solomon favoring tighter oversight of tax abatements and McGreevey courting builders to accelerate housing production and waterfront investment.
Cleveland
Cleveland Mayor Justin Bibb won a second term Tuesday, extending his “Cleveland ERA” agenda to spur redevelopment and private investment citywide. His platform emphasizes shovel-ready sites, small-business growth and revitalization of long-disinvested neighborhoods. For commercial real estate, Bibb’s reelection signals continuity on zoning and permitting reforms aimed at accelerating adaptive reuse, housing and downtown redevelopment — even as the city faces tighter federal funding under the Trump administration.
Real Estate Ballot Measures
New York City
PASSED: Ballot Measure 2 — Fast Track For Affordable Housing: Allows the Board of Standards and Appeals to waive zoning restrictions for city-funded affordable housing and directs the City Planning Commission to target the 12 council districts that have built the fewest units. The measure aims to cut red tape and push development into neighborhoods that have resisted growth — a potential boost for multifamily builders but a blow to local political control.
PASSED: Ballot Measure 3 — 90-Day ULURP For Small Projects: Creates an accelerated land use review process for smaller housing and infrastructure projects, compressing approvals into a 90-day timeline — 60 days for local review and 30 for final City Planning sign-off. By streamlining minor rezonings, it could unlock long-stalled infill and “missing-middle” projects citywide.
PASSED: Ballot Measure 4 — Affordable Housing Appeals Board: Establishes a three-member Affordable Housing Appeals Board — the mayor, council speaker and borough president — with power to overturn the city council’s rejection of certain affordable housing rezonings. A 2-1 vote could reverse local decisions, curbing the longstanding “member deference” tradition that often blocks development in politically resistant districts.
PASSED: Ballot Measure 5 — Digitize The City Map: Orders the city to centralize and digitize its zoning and land use map, replacing thousands of fragmented paper maps held by borough offices. Supporters say modernization would reduce delays, cut costs and bring long-overdue predictability to how zoning and infrastructure data are managed.
Texas
LIKELY TO PASS: Proposition 4 — Water Infrastructure Funding: Creates a Texas Water Fund and dedicates up to $1B per year in sales tax revenue toward fixing aging water systems, developing new supplies and funding desalination and flood mitigation. With Texas projected to need more than $150B in water infrastructure by 2050, this measure positions utilities, engineers and real estate developers for long-term capital investment in drought-resilient growth corridors.
LIKELY TO PASS: Proposition 9 — Business Inventory And Equipment Tax Exemption: Exempts up to $125K in business personal property — inventory, machinery, equipment — from local taxes. Supporters say the change makes Texas more competitive for industrial and logistics investment. Critics warn it will squeeze local budgets and shift fiscal pressure to cities and school districts.
LIKELY TO PASS: Propositions 11 and 13 — Expanded School Tax Exemptions: Raises homestead exemptions for homeowners, seniors and disabled Texans, shaving as much as $200K off taxable value when combined. Lower school tax revenue will be backfilled by the state, but it narrows local tax capacity — tightening municipal and school district finance that underpins infrastructure and public-private development deals.
LIKELY TO PASS: Propositions 2 and 6 — Tax Bans On Capital Gains And Securities Transactions: Locks in Texas’ reputation as a no-income-tax, capital-friendly state by banning levies on investment gains and securities trading. The measures reinforce Texas’ low-tax brand for corporate headquarters, family offices and REIT capital flows but limit future fiscal flexibility if revenue gaps widen.
LIKELY TO PASS: Proposition 17 — Border Security Property Tax Exemption: Allows property owners in border counties to exempt valuation increases tied to state-funded border security infrastructure. While politically charged, the exemption could discourage private investment near these zones by reducing taxable-base growth, complicating financing for housing and logistics assets along the Rio Grande corridor.
California
PASSED: Proposition 50 — Lawmakers Take Over Redistricting: Transfers congressional redistricting power from California’s independent commission back to the state legislature, giving lawmakers control over new maps ahead of the 2026 elections. Supporters say it balances GOP-led gerrymandering elsewhere, while opponents call it a partisan rollback of voter-approved reforms. For CRE, shifting political boundaries could redirect federal infrastructure funding and incentives toward growth corridors tied to housing, energy and transit.
This is a developing story.