Even if (more likely "when") Momdani becomes NYC Mayor studies show the richest New Yorkers will stay
- American Politics
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‘There is no Mamdani effect’: Manhattan luxury home sales surge after mayoral election, undercutting predictions of doom and escape to Florida
In the aftermath of much well-heeled panic about a potential mass exodus of New York millionaires and billionaires following the election of Zohran Mamdani, the contrary is already happening, and Manhattan luxury apartment buyers are voting with their wallets.Signed contracts for Manhattan homes costing $4 million or more rose to 176 in November, a 25% increase from October’s 141 deals, according to fresh data from brokerage Douglas Elliman and appraiser Miller Samuel. New signed contracts of more than $4 million increased at more than twice the rate of the overall market, the report noted.
Olshan Realty similarly noted an uptick in Manhattan luxury buyers. In its most recent market report, the firm said the 17 contracts signed in the last week of November for Manhattan homes over $4 million bested its 10-year Thanksgiving week average.
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