Wealthy apartment owners in New York City are reportedly fleeing the city in anticipation of a victory by mayoral candidate Zohran Mamdani, who won the Democratic primary in June. Real estate experts say listings have surged as residents look to avoid proposed tax increases and rent freezes.
New York realtor Jay Batra noted a significant increase in inventory, with many owners considering selling their apartments. 'These people are not thrilled about the possibility of Mamdani winning,' Batra said. Buyers in the $3 to $5 million price range are also pulling out of purchases, citing concerns over Mamdani's policies.
Mamdani, a socialist, has proposed a 2% tax hike on residents earning over $1 million annually and a freeze on rent-stabilized apartments. The funds would support affordable living for lower-income residents. He faces former Governor Andrew Cuomo (independent) and Republican Curtis Sliwa in November.
Many New Yorkers are relocating to North and South Carolina, attracted by lower income and property taxes, mild weather, and more affordable housing. Areas like Myrtle Beach and Charleston have seen an influx of buyers seeking to escape potential tax hikes under a Mamdani administration.
