New York City’s suburban housing markets are seeing a sudden surge in demand as the Nov. 4 mayoral election approaches. Democratic Socialist Zohran Mamdani is currently leading in the polls, and his housing platform appears to be influencing where people want to live.
Mamdani’s proposals, which include a rent freeze and higher taxes on top earners, have some New Yorkers looking to the suburbs. Zach and Heather Harrison, real estate agents in the wealthy Westchester County, said calls from Manhattan residents jumped after Mamdani won the Democratic primary in June, according to Realtor.com.
How NYC Suburban Real Estate Is Reacting to Mamdani
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“We are absolutely seeing a link between Zohran Mamdani’s surprise win in the Democratic primary and more interest in Westchester real estate,” the Harrisons told Realtor.com.
“Since summer, nearly every buyer from the city we’ve shown homes to has mentioned the mayoral election as a reason for looking at the suburbs.”
Home sales going into contract have risen 15% since Mamdani’s primary victory, a trend local agents are calling the “Mamdani effect,” according to Realtor.com.
“The current market is giving buyers and investors a reason to rethink their next move and consider Westchester as the main option,” the Harrisons added.
Westchester’s median home list price reached $729,999 in August, well above the national median of $429,990. But unlike New York City, many parts of Westchester County do not charge a resident income tax, the Harrisons noted.
Tax Concerns Drive Buyers to Westchester
“I’d say taxes are the No. 1 factor for buyers thinking about moving to Westchester,” Zach Harrison said. “With so many people working from home, there’s less need to be in the office every day. Moving to a place with more space, better community amenities, and lower taxes makes the decision easy for many buyers.”
The rush isn’t just to suburban New York. Real estate agents have also reported an increase in wealthy New Yorkers looking at properties in Florida after Mamdani’s primary win.
Daniel de la Vega, president of ONE Sotheby’s International Realty in Miami, said website traffic from New York jumped 50% in the week after the primary.
“Our agents are getting calls from buyers rethinking their plans, and demand across our new developments is clearly rising,” de la Vega said.
Mayor Adams’ Exit Adds to Real Estate Uncertainty
The shift in buyer behavior accelerated after New York City Mayor Eric Adams announced he was dropping out of the race. John Katsomatides, CEO of Gristedes and D’Agostino Supermarkets, told FOX Business that many New Yorkers in real estate were “panicking.”
“With about 32 days left until the election, people are worried their properties could lose value quickly,” Katsomatides said.
The combination of Mamdani’s housing platform and uncertainty in the mayoral race is now driving both suburban and out-of-state real estate interest, showing how politics can have an immediate impact on the housing market.
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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