Mamdani win sends jitters through NYC luxury real estate market

Several real estate professionals said high-end buyers in New York have begun pausing their decision-making, uncertain about the potential impact of Zohran Mamdani’s proposed policies.

In the days after Zohran Mamdani won the Democratic primary for mayor of New York City last month, Jay Batra, a real estate broker in the city, felt his business take a hit. Two separate clients working with Batra to buy multimillion dollar properties in Manhattan told Batra they were putting their plans on pause, citing wariness about New York’s political environment, he told CNN. “A lot of the affluent clientele and luxury buyers have become a little more cautious in their approach,” Batra said. “The more traction (Mamdani) gained, it went from a little concern to ‘wow, where is the city going?’” Since Mamdani, a 33-year-old democratic socialist, roundly won New York’s mayoral primary in late June, several real estate professionals told CNN that high-end buyers have begun pausing their decision-making, uncertain about the potential impact of Mamdani’s proposed policies. They also said his victory has prompted some wealthy New Yorkers who disagree with his politics to accelerate their plans to leave the city. Mamdani, a state assemblyman from Queens, has proposed charging New Yorkers earning above $1 million a flat 2% tax. He also has a slate of housing proposals, including a pledge to freeze rents on rent-stabilized apartments, massive public housing construction and renovation, and tougher landlord oversight. Even if Mamdani becomes mayor, though, his proposals still might not become reality, depending on a number of factors.