The real estate market in New York City is experiencing panic following the mayoral primary results, particularly with the election of Mamdani, who advocates for anti-growth measures and widespread rent control. Real estate professionals express concern that his policies could hinder investments and jobs. Despite initial panic, some brokers argue that real estate transactions are still occurring, though many clients are hesitant. Experts like Leonard Steinberg highlight that the political landscape may shift, as campaign promises often differ from reality, leaving the future of NYC’s housing market uncertain.
People are out there still doing business, buying and selling. The results of this mayoral primary have created concern for the community, including real estate developers and landlords.
Steinberg noted that politicians often make promises to get elected that do not translate into reality once in office, emphasizing the importance of evaluating facts over initial reactions.
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