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RICH NYERS AREN’T FLEEING AFTER ALL  
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Jenn Gidman
December 5, 2025
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_ Luxury apartment sales have spiked since democratic socialist
Zohran Mamdani was voted into Gracie Mansion in November. _

Zohran Mamdani at the Resist Fascism Rally in Bryant Park on Oct 27th
2024, photo: Bingjiefu He (Creative Commons Share Alike 4.0)

 

Fears that Zohran Mamdani's election as mayor would trigger an exodus
of wealthy New Yorkers appear to be overblown, as sales of Manhattan
luxury homes surged in November. According to data from Miller Samuel
Inc. and Douglas Elliman, contracts were signed for 176 homes priced
at $4 million or higher last month—a 25% rise from October, per
Bloomberg
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The deals included two $24 million condos at high-profile buildings on
the Upper East Side and Billionaires' Row. Critics had warned that
Mamdani's victory would scare off the city's rich, whose taxes are
vital to the city budget. But Donna Olshan of Olshan Realty says the
numbers tell a different story. Her firm's report found that 41 luxury
contracts were signed during the week of the election, with more than
half coming after Mamdani's win. "There is no Mamdani effect," Olshan
said. "The numbers just aren't bearing that out."

Per ABC News
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some experts predicted this outcome weeks ago, noting that whenever
wealthy residents warn they'll leave states like California during,
say, a tax increase, "the vast majority stay put for reasons that hold
true across income brackets: They like where they live, and want to
remain close to friends, family, and professional networks." A tax
attorney estimates that, over the course of his career, for every 10
people who've asked about what it would take to leave New York, only
one ends up following through, due to the financial and social
complexities in making such a move, per the _New York Times_
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Industry insiders point to other factors fueling the Big Apple market,
including a stock market rally and robust Wall Street bonuses, per the
_Journal_. Miki Naftali of the Naftali Group said demand remains
strong, with no slowdown in sales at his company's Manhattan
developments, where condos can fetch as much as $28 million. "Yes,
there is a new mayor, and there are a lot of worries, but our clients
are saying, 'We love New York,'" Naftali said.

_Jenn Gidman_ [[link removed]]_
joined Newser in 2014. Prior to that, Jenn was the copy chief at
Saveur magazine, as well as an editor/writer for MSN, AOL, Reader's
Digest, and Scholastic, among others. Her coverage for Newser
concentrates on politics and other social sciences, as well as
entertainment._
_Newser_ [[link removed]]_ is a news curator with a kick.
Since 2007, our mission has been simple: MAKE THE NEWS FASTER AND
EASIER TO CONSUME. Our editors hand-select stories from hundreds of
trusted US and international outlets and distill them into SHARPLY
WRITTEN, EASY-TO-DIGEST NEWS BRIEFS._

* Zohran Mamdani
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* real estate
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* New York City
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