Key facts
- Mayor Zohran Mamdani appointed Lina Khan as chair of the NYC Economic Development Corporation.
- Anthony Shorris was named president and CEO of the NYC Economic Development Corporation.
- Lina Khan previously served as Chair of the Federal Trade Commission.
- Anthony Shorris has experience in city government and as a consultant at McKinsey & Company.
- The appointments signal a potential shift in the EDC's focus towards economic justice and reducing poverty.
- A lawsuit has been filed challenging the city's rent freeze for regulated apartments.
New York City Mayor Zohran Mamdani has appointed Lina Khan, former Chair of the Federal Trade Commission, as the board chair of the New York City Economic Development Corporation (EDC). Anthony Shorris, a veteran city government official and former partner at McKinsey & Company, has been named president and CEO of the EDC. Mamdani stated that economic development and economic justice must go hand in hand, signaling a potential reorientation of the EDC's mission beyond just job creation and investment to focus on policies that reduce poverty. Khan is known for her aggressive approach to antitrust enforcement, while Shorris brings extensive experience in city government and the development community. The appointments come as a group of landlords has filed a lawsuit challenging a recent decision by the city's Rent Guidelines Board to freeze rents for approximately 1 million regulated apartments for up to two years. Landlords argue the decision did not adequately consider rising property costs and will impact building maintenance. The EDC plays a crucial role in directing projects and funding to boost the city's economy, including initiatives like LifeSci NYC and selecting developers for city-owned land, which is vital for Mamdani's housing development goals.