Throughout the tumultuous last decade for D.C. real estate, one factor has remained constant: The city has been led by a mayor the industry sees as a supporter of development.

That could soon change.

Mayor Muriel Bowser announced last week she will not seek a fourth term, creating a wide-open race next year to succeed her. With the primary election six months away, the field is just beginning to take shape. But some real estate leaders worry the city will elect a new leader who is less business-friendly.

“I’m very anxious as to what the future political landscape will look like,” said Dean Hunter, the CEO of the Small Multifamily Owners Association, an apartment landlord lobbying group.

“There are a number of factors here that could help elect some kind of democratic socialist like [Zohran] Mamdani in New York,” Hunter said. “The democratic socialists are champing at the bit right now. They have a shot to go after the mayor.”

Developers say they have already seen investors shy away from D.C. this year as the Trump administration has gutted federal agencies, deployed troops on the streets and overseen the longest government shutdown in U.S. history. Economists have issued warnings of a localized recession.

A leftward shift at the Wilson Building, the seat of D.C. government, could worsen the city’s perception in the eyes of big-dollar decision-makers.

“There are a lot of eyes on the city, there are brand and reputational challenges we’re facing now across the country, and as investors look where they want to spend dollars, they have options all over the country … so we want to make sure we have a leader who is sensitive to that,” said Horning CEO Jamie Weinbaum, a longtime local developer.

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