Contrary to predictions of wealthy residents fleeing New York City after Zohran Mamdani’s mayoral victory, luxury home sales actually surged in November. Reports from Olshan Realty and Douglas Elliman indicate a significant increase in sales of properties valued at $4 million or more. Real estate professionals like Donna Olshan and Noble Black dismissed the exodus predictions, citing the city’s enduring appeal despite potential tax increases. This suggests the city’s cultural and influential environment continues to outweigh any concerns about changes in local government.
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Contrary to predictions of a mass exodus following Zohran Mamdani’s mayoral victory, the luxury home market in New York City has seen a surge in sales. Data from real estate firms indicates significant increases in sales contracts for properties priced above $4 million in the month following the election. Experts attribute the market’s performance to factors like a robust stock market and record compensation on Wall Street, not to any “Mamdani effect”. Despite some initial hesitations, the anticipated flight of wealthy residents to Florida has not materialized, as the real estate market is still doing very well in New York City.
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At CNBC’s Delivering Alpha conference, RXR CEO Scott Rechler and Rudin Management Co-Chairman Bill Rudin discussed the real estate market in New York City post-election. Despite concerns surrounding Mayor-elect Zohran Mamdani, the executives reported record levels of office leasing and ongoing investments, including a new building project by Ken Griffin. While acknowledging potential risks with the new administration, particularly regarding overseas investor sentiment, Rechler and Rudin expressed optimism, citing the city’s resilience and a need to attract young talent. Both executives emphasized the importance of collaboration between the public and private sectors to address housing affordability and other critical issues, with a focus on working with the mayor.
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John Q. Hosedrinker