This system heavily favors existing home owners over the general public.
Doesn't matter. Owners win because we live in capitalist society, and capitalism means you must be an owner to get full rights. Non-gentry are second class citizens (no free movement, no access to clean water, no right to work the land, no right to build shelter).
No free movement: I can't travel to many places without a car because property owners decided only people who own cars should be legally allowed to access a place.
No access to clean water: water is a resource owned by corporations, the people drink at the corporation's pleasure.
No right to work/shelter ones self: all land has been sold off, new people born into this world must first serve the gentry until the gentry decide to pay them enough to buy some land of their own.
NYC exists under the same capitalist system as SF or LA or wherever.
Nothing you have described (need to drive, no clean water, etc.) applies to NYC.
Therefore, your gripes aren't caused by the capitalist system you are blaming.
[0] https://www.forbes.com/sites/timothylee/2012/06/03/infrastru... [1] http://www.nytimes.com/2006/08/10/nyregion/10tunnel.html [2] http://www.tenant.net/Oversight/50yrRentReg/history.html
Who wins the political clash? Are there more voting owners, or voting renters?
Generally there are more owners, though California has one of the lowest home ownership rates at around 53%. Cities draw this average down -- most suburbs have higher ownership rates.
With this in mind it shouldn't be a surprise that owners outvote renters.