Summary
After Zohran Mamdani became mayor of New York City, predictions that wealthy people would leave for Florida did not come true. Instead, both luxury home sales and Manhattan apartment rents in New York City have increased since his election.
Key Facts
- Zohran Mamdani won the New York City mayoral election recently.
- Predictions suggested rich people would leave New York for Florida after Mamdani's victory.
- Luxury home sales in New York City rose by 31% in November compared to October.
- 176 contracts for homes priced at $4 million or more were signed in November, a 25% increase from October.
- Manhattan apartment rents reached a record high, with new leases signed at a median of $4,750, up 13% from a year earlier.
- The top 10% of Manhattan rental prices increased by 18% to a median of $11,500 in November.
- Experts say there is no evidence of a mass exodus of wealthy residents from New York City.
