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.
“there is no mamdami effect” Following his election: “25% Signed Contract increase”
Make up your mind. They can’t be true at the same time.
I’m reminded of the rich AF Hollywood supposed leftists that were saying they’d move to Canada if Bush won his first term. And then his second term.
I mean, under W? Why would they move to Canada, exactly?
They know that whatever their money religion’s ministers say, at street level, NYC will be a great place to live, if Mamdani gets his way.
He’s been in office for two weeks and hasn’t fixed all the problems yet!!! What a sham! I’m totally voting Republican now!!!
… People are fucking idiots
He’s not even in office until January , so anyone sincerely saying that has an extra layer of idiocy.
No one is leaving NY because Florida does not have decent pizza or italian sandwiches.
Is there even a museum in Florida without fake animals?
😂
They don’t want to be big fish in small ponds, they want to be big fish in big ponds, hence why Indianopolis or Cincinnati or whatever other big but not NYC big towns didn’t see billionaires rushing in.
It would’ve been hilarious if they rushed to Cincinnati
NYC billionaires traditionally love chili on spaghetti.
Don’t knock it until you try it. It’s one of the few meat foods I kinda miss.
Elon Musk and Tesla had already proven that wealthy glorified welfare recipients cause no harm when they leave a state.
Eh, I went to a few pretty good museums in Key West once. Although, they also tried to become The Conch Republic for about a day that one time, so maybe they don’t count as mainland Florida.
They have Hemingway’s house and the bar he used to go to which is neat but that’s about it. Also, there is a marker signifying the most southern point of the continental United States.
Eh, there’s a little more than that.
- Lots of piracy museums
- Open beverage carry on Duval St.
- Lots of gay clubs
- More tour boats than you’d think possible for such a small island
- Drunken cruise passengers
- Drunken tourists on bikes/scooters/ATVs.
- Military base
- Old Civil War era fort (not the same thing)
- Margaritaville
Most of those things are up for debate following each hurricane season.
Its always a damned margaritaville or a rainforest cafe.
For most people, but especially for the rich, a liveable environment is far more important than a bit more money. Nobody who has saving money as their first priority is going to be living in New York anyway. But a liveable city that’s safe, fun to be in, and that you can move around in without fearing for your life, those are far more important to most people.
So I’m not surprised that Mamdani’s victory is drawing more people to NY.
Literally if I was loaded I’d love to live in NYC despite it being expensive. Because (and I can’t stress this enough) YOLO. Spend your life enjoying it, not saving up every single penny. And in this case, the taxes can contribute to enjoyment through increased safety and other livability factors.
This is obvious when you think about it even a little bit. You can’t buy safe streets.
What’s the point of being ultra-rich when you have to step outside into Phnom Penh and watch how toddlers collect scrap?
Wait. Are you telling me that people would be willing to pay a small premium for living in a place that isn’t a shit hole, surrounded by content people who aren’t feeling murderously angry about crappy circumstances beyond their control?
Huh.
How ever shall the millionaires afford that?
And if it WAS a real thing, it would mean fewer people in NYC, which would make it more affordable, would’ve been positive either way.
After decades of posing socialism as the root of all evil it is remarkable how it’s really not.
Don’t celebrate too early. The last thing they want is an experiment in Socialist Democracy, and if it is forced on them, like this, they will do ANYTHING to make it fail.
Mamdani’s got a rough road ahead, so we’ll have to help him resist all the ferocious propaganda and interference he’s going to face. We have to have his back, and make this experiment successful, so it can spread across America.
It’s like Chomsky talks about when he talks about the “threat of a good example”. I would not be surprised to see lots of little Eichmanns all trying their best to hamstring this, even if they are not as prominent (and as stupid) as Taco.
I’m not celebrating at all. Shit is way too serious.
However tiny sparkles of hope I do embrace.
About time. We’ve seen so much evil that’s unconnected to socialism.
Just like recreational drugs and homosexuality.
The Reagen-generation really fucked up the world beyond belief.
Cuomo said he’d move to Florida, hopefully the supposed Mamdani effect at least works on him.
Are you telling me that people don’t want to move to the FREE STATE OF FLORIDA?
Rich people fleeing because of a “socialistTM” politician in power is a complete nonsense since FDR. Even Warren Buffet called it out. Sure, some leave, but it is usually just a handful who do.
I also think that many rich people decided to stay and buy property in New York is because they actually know that Mamdani is a more stable economic hand than GOP states such as Florida. Plenty of tycoons low key wish for America to “Make America, America Again” because they are anxious of Trump’s chaotic economic policies; so much so that JP Morgan CEO threw his support on Mamdani, the same CEO who implored people to divest away from the US.
Sure, some leave, but it is usually just a handful who do.
I mean, back in the 1980s, there really was a big exodus of fossil fuel companies from the Northeast (NY / NJ / CT) down to the Gulf Coast. My dad was part of that transition, forcing us to leave our beautiful garden state home and decamp to the armpit of America, Houston TX.
But this was a decision made at the executive level largely due to the Nixonian Southern Strategy combined with a national reorganization of Republican and Democrat aligned business interests. The downturn in the O&G economy made real estate in the Gulf Coast dirt cheap, while land prices in the New England area stayed relatively high. And the reorganization helped Reagnite voting coalitions finally flip states like Texas and Florida after decades of entrenched Dixiecrat control.
Nothing like that is shaping up in lower Manhattan specifically for the year 2026.
Probably most of those stating they’d run away already had Florida or other avoid-NY-taxes out of state license plates on their cars before the election.
They’ve been saying that wealthy people would leave nyc for at least 20 years. Fear mongering.
A lot of people did leave, following covid.
I remember a bunch of coworkers leaving during COVID and I was like “ok but what’re you going to do after? It’s fucking boring where you’re moving to.”
Most of them seem pretty happy today
In refrigerated trailers. Strange for a “Scamdemic”.
No, I mean lots of my friends started working remotely, so they decided to do so someplace with a lower CoL
Ok so completely different reason?
