Mamdani’s shock primary win in June coincided with some real estate agents in Westchester, the suburb just north of the city, reporting an influx of interest in the area, with Zach and Heather Harrison of the Harrison Team at Compass, telling Realtor.com they saw “a spike in Manhattan residents reaching out about suburban properties.”

Other real-estate leaders, however, argued that the data says differently.

“There is no Mamdani effect,” Donna Olshan, president and founder of Olshan Realty, told Bloomberg. “The idea that people would flee New York was overblown. The numbers just aren’t bearing that out.”

>Why New York is still booming

Jonathan Miller, president and CEO of Miller Samuel, told Fortune the trend of wealthy buyers scooping up luxury New York real estate has been on display all year, contrary to the recent narrative of elites fleeing the city.

“Throughout 2025 on a year-over-year basis, overall sales have risen, prices have risen, sales have risen faster than inventory, rents have risen, rental activity has risen, and especially in October and November,” Miller said. “I’m looking at this anecdotal argument, and the plural of anecdotal is not data.”

High earners have plenty of reasons to come to or stay in New York, according to Miller. Wall Street saw is largest bonuses since 1987 in 2024, following a strong market, a trend that is expected to continue this year, as another banner year for Wall Street is expected to raise the payouts for investment bankers, traders, and wealth-management professionals by up to 25%, according to a November report from compensation consultancy Johnson Associates.

These aren’t the first panicked premonitions of a dispersal of New York residents to the suburbs. In the early days of the pandemic, many feared New York would become vacant as the wealthy fled to suburban vacation homes. While many wealthy New Yorkers indeed left the city, the five boroughs nonetheless gained about 10,000 millionaires between 2020 and 2021, according to state data. Manhattan even gained 17,500 residents in 2022, mostly migrants from other boroughs.

New York City’s population had been growing gradually for decades up to the pandemic, as the Census showed a recent peak of 8.8 million in 2020, with more recent data showing the city’s population at 8.5 million. The city had lost nearly a million people between 1970 and 1980, after which it grew consistently before the COVID shock.

The city hit a recent trough of 8.36 million in 2022, but recorded two consecutive years of relatively sluggish growth since then. The NYC Department of City Planning argued in May 2025 that the last two years of growth suggest losses during the pandemic “were a short-lived shock.”

While Miller said he doesn’t know how Mamdani’s future policies will impact the city, he noted there’s no evidence to suggest a mass millionaire migration. “This whole thing is a classic misinformation scenario, where no one’s looking at actual data,” he said.

They say the rich fucks will leave if the city implements [policy the city goes on to implement with no exodus of rich fucks] for decades. I wouldn't be surprised if they've been saying it for literal centuries.

'Mamdani is a very rational man' -Trump
So either you agree with him or you're not rational, therefore all your opinions are wrong and anything you say goes into the trash, cultists.

>>1462736
It seems like this is what the story is really about, the skittish rich are flipping their properties before the democratic socialist takes over.

>>1462743
>>1462736
>The rich will leave if the socialist who isn't beholden to their interests is elected
>They don't leave
>But they're totally going to leave soon!
No, they won't. Third world shitholes like Florida are a straight downgrade from New York.
Only way Mandami loses now is if trump goes schizo and illegeally withholds federal money from the city and illegally pressures businesses to stop doing business with the city too.
I.E. Republicans have to cheat to have a chance, again.

>>1462753
New York City has wildly outsized legal power, in some cases they've even fucked companies that left the city completely, just because some faceless bureacrat didn't like them. Businesses that try to play games with it are going to have a bad time and the feds won't be able to protect them.

>>1462775
>faceless bureacrat
Republican buzzwords are so weird.

>>1462780
That's what pretty much everyone calls the anonymous cogs that make sweeping government decisions from the comfort of their tangled bureaucracy. New York City's bureaucracy has a fuck ton of power. In the past it was literally more powerful than New York state and could reach out and touch people around the world with vague jurisdictional justifications.

>>1462786
That happens when you're the financial capital of the world. Trump is doing his best to destroy that though.

>>1462780
By your logic then, globalism (WHICH IS ACTIVELY GOING TO DESTROY EVERYONE, WHICH IS A BAD THING BTW) is also that. KEK, LMAO EVEN.

>>1462874
Nah, you're thinking capitalism

>>1462874
trumpfags pretending they hate globalism is always funny. i have a qatari jet to sell you

>>1462875
I’m talking about the WEF evil globalists, anon. Smartalec headazz.

>>1462878
if you're a racist trumpfag why do you steal black lingo

>>1462879
Last I checked it’s because the chuds own anons like you who are ok with an Orwellian society. 1984 lookin headazz

>>1462879
Stop speaking my language.

>>1462878
So capitalism, this is why Mamdani won BTW

>>1462881
you should get out more

>>1462879
Because they can't meme. Everything they got was from the Russians in 2016.

>>1462920
>MUELLER TIME! MUH RUSSIA!!

Therapy, NOW

>>1462926
>Proving my point
Right wing could never meme

>>1462926
that's a lot of caps lock bud, u mad?

>>1462741
A quote, once again, presented without context.
Fitting for bone-stock leftist atheist (jew) with no moral compass.

>>1462694
>ITT leftist brag about billionaires buying homes in NY
>Ignore the drastic increase in sales volume

>Republicans wrong again: Manhattan luxury home sales surge after Mamdani's mayoral victory
>'Mamdani is a very rational man' -Trump
>a quote about Mamdani in a thread about Mamdani
>a question which makes an irrational cultist seethe
Very irritating for a rightist with no moral compass.

>>1462958
>Still using russian forced memes
Republicans in shambles that the rich would rather deal with a socialist than a fascist shithole like Florida

>>1463076
I thought leftoids were supposed to be the workers party
Are you actually retarded

>>1463077
>I thought leftoids were supposed to be the workers party
Didn't he announce huge plans for rent control, universal child care and unionization? You can disagree with him if you want but there's nothing even remotely comparable on the right. Trump and the Republicans have done nothing but sink billions into deportation while inflation and cost of living massively increases.

>>1463078
>Didn't he announce huge plans for rent control
We have historic examples of what happens when rent control is implemented. It doesn't help workers.
Landlords jack up prices to compensate for the loss of income right before the laws go into effect. So all of those working class stiffs who already can't afford to fill a cavity or get a new set of tires get priced out of the renters market.
The rich love that shit. Gives them more opportunities to launder money through NYC's real-estate market.

>>1463080
>Stop landlords from jacking up the prices
Wow, rightoids really are this retarded if they think their price gouging can't be foiled like that.

>>1463080
>We have historic examples of what happens when rent control is implemented. It doesn't help workers.
You're pivoting. You can say its a bad idea and I largely agree with you but the point is that Democrats are at least putting fourth some kind of plan other than "We're going to kick out immigrants and tariff everyone and that's going to magically fix your life". They're having conversations about what is and isn't good for America while Republicans are still focused on trans sports and a multi-billion dollar deportation budget that, so far, has done nothing to decrease inflation, increase wages or decrease the cost of housing. For fuck's sake, Republicans have been saying for 10 years that Obamacare needs to go and what plan have they put fourth so far? Remember in 2019 when Trump kept saying that the beautiful new Republican plan to replace Obamacare was just two weeks away? Where is it? They have control of both houses and haven't put fourth a single bill in the past 10 years that isn't either massive deficit spending or massively increasing the budget of some three letter agency. You've got to wake up, anon.

>>1463084
Don't forget Republicans LOVE to lie about helping workers when all they do is give money to the rich via trickle down economics, deregulate industries to allow the rich to poison and explore the poor and further strip away workers rights.
They're really good at stuff like that.

>>1463088
But he co=opted the 'No tax on tips' thing so it's fine.

>>1463084
I'm not pivoting at all. I replied to a guy laughing that the rich would deal with an unironic socialist than florida. Which is stupid and totally antithetical to being pro-worker. The rent freeze is a good example because it ignores reality and the lessons learned by the past.
America's long history of lobbying should have told you that the rich always use government power to destroy market competition, which is literally what's happening here. Except the competition in this case is the average renter.
>>1463081
Yeah bro, go full east berlin on the NYC housing market. You stupid fucking retard.

>>1463084
Also:
>whattabout republicans..!
False dichotomy, fuck you.

>>1463096
>I'm not pivoting at all.
You are pivoting. Your claim was that leftoids were not the party of workers then when I listed several pro-worker policies you pivoted to hyper focusing on one and saying "Well, I don't like this policies I think they're bad". Those are two separate arguments. At least Democrats have policies. What Republicans have is tarriffs and budget increases to three letter agencies while inflation staggers out of control. You have no defense for that.

>I replied to a guy laughing that the rich would deal with an unironic socialist than florida
There's no indication that Florida is becoming the next New York, anon. None whatsoever. New York is still the #1 economic producer in the country. No city in Florida is even 4th or 5th in line.

>>1463097
>False dichotomy, fuck you.
It isn't a false dichotomy. The two parties in America are Democrat and Republican. That's as accurate a dichotomy as you can get. If your insistence is that the right supports workers more than the left does, I gave several examples of them doing the opposite and you can't defend it because you know its a losing argument. Its also very curious that I listed the decade long failing of the Republican party to do anything to help workers and nobody can address that. You completely gloss over it because you know you have absolutely no reasonable defense for the utter incompetence of the Republican party.

>>1463091
We shouldn't even need a tipping system like any first world country so your accuse fails.

>>1463096
We should go a step further and use eminent domain to seize the properties of greedy landlords.
That not only will keep prices down but will make the fascist right seethe, owning them, if you will.