Zohran Mamdani’s sweeping win in New York City’s Democratic mayoral primary has sent ripples through the city’s real estate market. Real estate broker Jay Batra, who works with luxury clients, noticed an immediate chill in business. Two of his multimillion-dollar property buyers paused their purchases, voicing concern over the city’s political future.
“A lot of the affluent clientele and luxury buyers have become a little more cautious,” said Batra. “As Mamdani gained more traction, it turned from mild concern to serious worry.”
Several high-end agents echoed this sentiment, telling CNN that wealthy buyers are stalling decisions or considering leaving the city altogether. Mamdani, a 33-year-old democratic socialist and current state assemblyman from Queens, has proposed a 2% flat tax on New Yorkers earning over $1 million, along with sweeping housing reforms—such as rent freezes, public housing expansions, and tighter landlord oversight.
While it’s uncertain whether these proposals will materialize if Mamdani becomes mayor, the early reactions suggest fear is already shaping the market.
Anecdotal Fears and Exit Plans Emerge
New York’s luxury housing market has always existed in stark contrast to its affordability crisis. Now, some wealthy residents are contemplating leaving altogether. On Upper East Side Facebook groups, users have anonymously floated the idea of relocating, worried about the incoming political shift.
Though such reactions remain anecdotal, Batra said clients interested in buying small rental properties are now backing off, fearing future rent freezes.
Frances Katzen, another real estate agent, has seen a similar shift. Since the primary, she’s received a flood of calls from nervous clients—many owning $4 million+ apartments—asking about selling.
One client, recently a parent, sent her a baby photo with a text: “Where should we go, and how much would it cost?”
Florida Sees Renewed Interest from NYC Buyers
This anxiety in New York is translating into early opportunity for Florida’s real estate market. Agents there expect another wave of buyers from New York, mirroring the surge seen during the pandemic years. Between April 2020 and July 2024, Florida’s population ballooned by over 8%, making it the fastest-growing state.
Samantha Curry of Douglas Elliman’s Palm Beach division confirmed she’s already fielding calls from New Yorkers since Mamdani’s win. One client, who initially showed casual interest months ago, recently became much more focused.
“He wants to be prepared,” Curry said, noting that the client mentioned wanting to act before others make the same move post-election.
Florida’s Housing Boom Faces Its Own Hurdles
While Florida may benefit in the short term, it’s facing new challenges. Home insurance premiums are rising, especially in coastal areas vulnerable to climate disasters. Cities like Miami and Cape Coral are seeing record property listings as owners struggle with soaring costs.
Still, developer Isaac Toledano was surprised by the post-election interest in his condos, despite it being a typically slow summer season. “The timing caught me off guard,” he told CNN.
Even as Florida’s boom slows, political shifts in New York may keep its pipeline of buyers alive.
