Following Mamdani Win, Rich NYers Aren't Fleeing After All

Fears that Zohran Mamdani's election as mayor would trigger an exodus of wealthy New Yorkers appear to be overblown, as sales of Manhattan luxury homes surged in November. According to data from Miller Samuel Inc. and Douglas Elliman, contracts were signed for 176 homes priced at $4 million or higher last month—a 25% rise from October, per Bloomberg.

The deals included two $24 million condos at high-profile buildings on the Upper East Side and Billionaires' Row. Critics had warned that Mamdani's victory would scare off the city's rich, whose taxes are vital to the city budget. But Donna Olshan of Olshan Realty says the numbers tell a different story. Her firm's report found that 41 luxury contracts were signed during the week of the election, with more than half coming after Mamdani's win. "There is no Mamdani effect," Olshan said. "The numbers just aren't bearing that out."

Per ABC News, some experts predicted this outcome weeks ago, noting that whenever wealthy residents warn they'll leave states like California during, say, a tax increase, "the vast majority stay put for reasons that hold true across income brackets: They like where they live, and want to remain close to friends, family, and professional networks." A tax attorney estimates that, over the course of his career, for every 10 people who've asked about what it would take to leave New York, only one ends up following through, due to the financial and social complexities in making such a move, per the New York Times.

Industry insiders point to other factors fueling the Big Apple market, including a stock market rally and robust Wall Street bonuses, per the Journal. Miki Naftali of the Naftali Group said demand remains strong, with no slowdown in sales at his company's Manhattan developments, where condos can fetch as much as $28 million. "Yes, there is a new mayor, and there are a lot of worries, but our clients are saying, 'We love New York,'" Naftali said.