It is plausible that Mamdani has an apartment with a lease contract that is rent-stabilized at $27600 a year, dating back to when he was making $47k a year a few years ago.

It is misleading because the rent stabilization doesn't automatically carry over, because Cuomo certainly lives in more affluent housing, and because the city could just do more rent control. Cuomo is using the "there's not enough to go around" reactionary fallacy. Some people will probably be fooled, but Mamdani got a huge turnout over "we should raise the safety net" messaging.