Billionaire investor Bill Ackman took aim at New York City Mayor Zohran Mamdani (D) on Tuesday, questioning the fairness of a proposed 18.2% pay raise for the mayor and other elected officials while the city's rent freeze policy remains in place.

The controversy stems from a report by the Report of the 2026 Quadrennial Advisory Commission, which recommended the salary increase. The commission, appointed to periodically review pay for elected officials, argued that salaries have been stagnant since 2016 despite rising costs of living, growing responsibilities, and salary compression with senior city employees. It also pointed to compensation trends in comparable public and private sector roles.

Ackman, however, saw a contradiction. "Mamdani's appointed advisory commission is recommending an 18.2% raise for himself and other elected officials purportedly because of inflation, yet his self-appointed Rent Guidelines Board — which is supposed to consider inflation in setting rents — froze rents for two years," he wrote on X. "A question for the mayor: How is this fair or appropriate?"

The proposed raise would bump the mayor's salary from $258,750 to $305,800, while City Council members would see their pay increase from $148,500 to $175,500. The commission also suggested an annual inflation-adjusted mechanism if future pay commissions aren't convened, though some government watchdog groups have raised concerns about automatic increases.

Last month, New York City's Rent Guidelines Board voted 7-1 to freeze rent increases on one- and two-year leases for roughly one million rent-stabilized apartments. The decision fulfilled one of Mamdani's signature campaign promises and was praised by tenant advocates, but landlords criticized it, arguing that rising insurance, financing, and operating costs were already straining building owners.

The mayor has made housing affordability a central part of his agenda, pledging to freeze rents on regulated apartments while expanding affordable housing. But his broader economic policies have drawn criticism from several prominent business leaders in recent weeks, including Tesla CEO Elon Musk, as debate over affordability, taxation, and wealth inequality intensifies in New York City.

Ackman's critique highlights the tension between addressing inflation for elected officials and for tenants. The commission cited inflation as a key reason for the pay raise, yet the rent freeze ignored inflation for renters. As Ackman put it, the question is one of fairness — and it's a question that's likely to linger as the city's political and economic debates continue.