Mamdani effect? Sales of luxury homes soar in the Big Apple

KANIKA SINGH RATHORE,

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Doomsayers are predicting an exodus of the rich new york city in view of Zohran MamdaniThe mayor’s victory appears to have been a false one as sales of expensive real estate have soared in the city.

sale of stately home In New York City, the number of properties priced at $4 million or more — actually increased by 31 percent in November compared to October, according to real estate brokerage Olshan Realty. newsweek,

The outlet also reported data from brokerage Douglas Elliman, which showed a similar increase in higher-priced homes. That firm said a total of 176 contracts for luxury properties were signed in November, an increase of 25 percent from the previous month.

Donna Olshan, founder and president of Olshan Realty, called the expectations that wealthy individuals largely have leave town If crazy “Very funny.”

“If there were people who were thinking about moving to Florida or another state to avoid taxes, and they’re older or retired, maybe it would be a little bit of a push… but overall the majority of people are going to stay,” he said. newsweek,

Sales of luxury homes in New York City have surged following Zoharan Mamdani's mayoral victory in November. Some real estate brokers and political pundits had predicted that the wealthy would flee the city during his tenure, but sales of homes priced at $4 million or more increased in November.

Sales of luxury homes in New York City have surged following Zoharan Mamdani’s mayoral victory in November. Some real estate brokers and political pundits had predicted that the wealthy would flee the city during his tenure, but sales of homes priced at $4 million or more increased in November. ,Copyright 2025 The Associated Press. All rights reserved.,

Noble Black, a broker with Corcoran Group, told Fox Business on Monday that there is no “side effect” from moving people out of the city.

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Rumors that Mamdani – who is a democratic socialist – would drive the wealthy out of the city were spread widely by luxury realtors in Florida, some New York landlords, and political pundits and celebrities. These include Florida Governor Ron DeSantis,

In recent times wealthy people have fled the states – particularly rich people have left California for Texas or Florida – but these moves were generally motivated by a desire to avoid higher taxes.

black told newsweek He thought the supposed flight of the rich was “a bit ridiculous”.

Mickey Naftali, chief executive of developer Naftali Group, came to the same conclusion.

Rumors that Mamdani – who is a democratic socialist – would drive the rich out of the city were spread widely by luxury realtors in Florida, some New York landlords, and political pundits and celebrities.

Rumors that Mamdani – who is a democratic socialist – would drive the rich out of the city were spread widely by luxury realtors in Florida, some New York landlords, and political pundits and celebrities. ,Copyright 2021 The Associated Press. All rights reserved.,

“Yes, there’s a new mayor, and a lot of concerns, but our customers are saying, ‘We love New York,'” Naftali explained. bloomberg“There is no slowdown in demand,”

Despite Mamdani’s plan to raise taxes on the city’s wealthiest, New York is still the global capital of culture and influence. For many people, access to the city’s amenities is worth the cost of living.

According to 2023 tax data, there are approximately 34,700 people living in the city worth $1 million or more.

Olshan Realty said more than 1,300 contracts for luxury homes have been signed so far this year.

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