"Zohran Mamdani won a resounding mayoral victory by promising to make it cheaper to live in New York City. However, his victory earlier this month may have the unintended effect of making it even more expensive for the ultrawealthy to afford their homes in favorite ex-New Yorker haunts like Greenwich, Palm Beach, and the Hamptons, top real estate agents told Business Insider."
"2025 was already a "banner year" for Dina Goldentayer, a Miami-based real estate agent who, with more than $3 billion in sales since 2021, is the top earner at real estate firm Douglas Elliman. Even as prices are dropping in Miami at the median-home level, they're growing for ultra-luxury buyers. As of September, the median home price for Miami was down about 4% year-over-year, while it was up 8.4% for luxury homes in Miami, according to Redfin."
"She has not had any New York to Miami transplant clients say they were moving because of Mamdani, but she said Miamians believe the "election results will flood the market with New Yorkers." "I've had some sellers in Miami say, 'Let's raise my price,' Goldentayer said, though she has cautioned them to wait until he actually rolls out policies before raising it."
Zohran Mamdani won a mayoral election promising to make living in New York City cheaper. Real estate agents report his victory may prompt another migration of wealthy former New Yorkers and push up prices in elite destinations like Greenwich, Palm Beach, the Hamptons, and Miami. Ultra-luxury home prices in Miami rose even as median prices fell, according to Redfin. Top agents with billions in sales say seller expectations and luxury demand are increasing. Some Miami sellers are considering raising asking prices in anticipation. Mamdani has proposed taxing incomes above $1 million and criticized the NYPD, creating concerns among the ultrawealthy about taxes and safety.
Read at Business Insider
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