Summary
New York City's suburbs, like Westchester County, are seeing a rise in housing demand from wealthy residents. This increase is linked to the "Mamdani effect," named after Zohran Mamdani, whose mayoral primary win prompted fears of higher taxes among high-earning residents.
Key Facts
- Zohran Mamdani is a Democratic Socialist state assemblyman poised to become New York City’s next mayor.
- Mamdani won the Democratic mayoral primary against notable opponents by promising to make the city more affordable.
- His proposed policies include free buses for residents, rent freezes, and higher taxes on the wealthy.
- Wealthy New Yorkers are considering moving to suburbs or states with lower taxes, like Florida.
- Westchester County has seen a 15% increase in homes going under contract since August 1 compared to last year.
- Housing inventory in Westchester has dropped by over 70% from pre-pandemic levels.
- Some homes in Westchester are entering bidding wars and selling for significantly over the asking price.
- Concerns over potential increased taxes in New York City are driving the demand for suburban homes.
