Sales of luxury homes in New York City – properties costing $4 million or more – rose 31 per cent in November compared with October, according to real estate brokerage Olshan Realty. The data, reported by Newsweek, contradicts earlier predictions that wealthy residents would flee the city after the election of socialist mayor Zohran Mamdani.
Donna Olshan, founder and president of Olshan Realty, called the expectation of a mass exodus “pretty ridiculous”. She told Newsweek: “If there were people who were thinking about moving to Florida or to another state to escape taxes, and they’re older or retired, maybe this will be a bit of a push... but overall most people are just going to stay put.” Noble Black, a broker for the Corcoran Group, similarly told Fox Business that there has been no “Mamdani effect”.
Rumours that Mamdani – a democratic socialist – would drive the rich out of town were largely spread by luxury realtors in Florida, some New York landlords, and political figures including Florida Governor Ron DeSantis. However, brokerage Douglas Elliman reported 176 contracts for luxury properties signed in November, a 25 per cent increase from October.
Miki Naftali, chief executive of developer Naftali Group, told Bloomberg: “Yes, there is a new mayor, and there are a lot of worries, but our clients are saying, ‘We love New York.’ There is no slowdown in demand.” New York remains a global centre of culture and influence, home to approximately 34,700 people worth $1 million or more, according to 2023 tax data.
Olshan Realty said that so far this year, more than 1,300 contracts for luxury homes have been signed.
