Luxury Home Sales Spike in NYC Despite Exodus Fears: The Mamdani Effect?
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.
John Q. Hosedrinker