'Mamdani Effect' Is Seeing More People Moving to New York, Not Leaving It
a day ago
- #New York City real estate
- #luxury housing market
- #Zohran Mamdani
- Luxury home sales in New York City increased by 31% in November compared to October, contrary to predictions of a mass exodus of wealthy residents following Zohran Mamdani's mayoral election victory.
- Real estate experts dismiss the 'Mamdani effect,' stating that fears of higher taxes leading to a wealthy exodus were overblown and not reflected in the data.
- The Manhattan luxury market is performing well, driven by a robust stock market and record Wall Street compensation, rather than political factors.
- Rents for Manhattan apartments reached a record high in November, with the luxury rental market seeing the greatest price gains.
- Florida has long been a destination for New Yorkers seeking better weather, lower taxes, and a cheaper cost of living, but the recent mayoral election did not significantly accelerate this trend.
- Experts suggest that Mamdani's ability to implement significant tax increases or rent control measures is limited by higher levels of government and existing market dynamics.
- Moving out of New York City is a complex decision influenced by jobs, family, and social ties, making a rapid exodus due to political changes unlikely.