In today’s edition: an OpenAI uproar, Elise Stefanik’s run for governor, and Fortune’s Sydney Lake on the state of women leaders in the real estate industry. Have an amazing weekend!
Real estate is at the center of many of the issues driving American politics right now. Zohran Mamdani was elected mayor of New York with a promise to freeze the rent. The business lobby that spent millions to prevent his election included many from the industry. President Donald Trump, real estate mogul, always has an eye on the industry from his perch in the White House. His administration has overhauled Fannie Mae and Freddie Mac. And a longtime reliance on undocumented workers in construction, combined with Trump’s deportation agenda, threatens a labor shortage.
And just as real estate takes over political discourse, many of the women who have been at the top of the industry are stepping away—losing valuable voices and leaders in a complex moment. In just a matter of months, two of the most powerful women in real estate lost their jobs. Priscilla Almodovar left Fannie Mae in October after nearly three years in her post, and the mortgage-loan purchaser never explicitly said why—although it coincides with Trump’s contemplation of taking the organization public. This was just months after former Freddie Mac CEO Diana Reid was fired during a leadership shakeup by the Federal Housing Finance Agency (FHFA) director at the time.
