Escape from New York: Impending election of a democratic socialist mayor has the wealthy fleeing to the suburbs | Fortune

"The wealthy in New York City are on the move, spurred by what some are calling the "Mamdani Effect"-a sudden surge of outward migration in anticipation of Zohran Mamdani, a democratic socialist, likely taking the reins as mayor this November. As polls point ever more decisively to a Mamdani victory in the fast-approaching Nov. 4 election, Manhattan's elite are quietly packing their bags and setting their sights on the rolling lawns and leafy streets of Westchester County as well as other suburban enclaves."

"Real estate agents in Westchester, directly north of the city's border, say the torrent began shortly after Mamdani's surprise win in the Democratic primary this June. Zach and Heather Harrison, who represent The Harrison Team at Compass, told Realtor.com they've experienced "a spike in Manhattan residents reaching out about suburban properties." Nearly every city-based buyer they've shown homes to in Westchester since summer has brought up the mayoral race as a prime factor driving their suburban search."

"Since Mamdani seized the primary, home sales entering contract in Westchester County have jumped 15% compared with last year, according to Harrison data. Local agents now speak freely of the "Mamdani effect," a shorthand for the collective anxiety-and strategic thinking-rippling through affluent New Yorkers who fear the prospect of increased taxes and sweeping socialist housing reforms. Manhattan realtors are feeling the heat, too."

Affluent New Yorkers are increasingly moving out of Manhattan toward Westchester County and other suburbs as polls show Zohran Mamdani likely to win the November mayoral election. Westchester real estate agents report a surge of city-based buyers contacting them after Mamdani's surprise Democratic primary victory. Since the primary, home sales entering contract in Westchester have risen about 15% year-over-year. Local agents refer to the phenomenon as the "Mamdani effect," describing anxiety and strategic relocation among wealthy residents fearful of higher taxes and sweeping socialist housing reforms. Manhattan brokers report unusual business implications, including companywide discussions about potential rent freezes.

Read at Fortune