In the aftermath of much well-heeled panic about a potential mass exodus of New York millionaires and billionaires following the election of Zohran Mamdani, the contrary is already happening, and Manhattan luxury apartment buyers are voting with their wallets.
Signed contracts for Manhattan homes costing $4 million or more rose to 176 in November, a 25% increase from October’s 141 deals, according to fresh data from brokerage Douglas Elliman and appraiser Miller Samuel. New signed contracts of more than $4 million increased at more than twice the rate of the overall market, the report noted.
And we shouldn’t be able to buy houses? What’s your point?
My point is he talked about tackling rampantly increasing rent prices, not making it easier to buy houses in NYC. There is not a feasible way he can make those multi-million dollar homes affordable for the types of people he spoke of helping afford rent in the city.
So rich people buying luxury homes (that seem to already exist) is outside the purview of his campaign promises, and don’t reflect on him much except to say “rich people are also interested in Mamdani’s future NYC.”