August 14, 2025
With Zohran Mamdani clinching the Democratic nomination, plenty of my clients — both buyers and sellers — are asking the same question: what happens to New York City’s prime real estate market if he wins in November?
Let’s be honest. Anytime there’s a shake-up in New York politics, especially when it involves a self-described socialist, it sparks panic in certain circles. There’s talk of investors pulling out, luxury buyers fleeing, and price drops across the board. But as someone who’s worked the trenches of NYC real estate, I’ve seen these fears come and go — and more importantly, I’ve seen the market bounce back stronger every time.
NYC real estate thrives on more than politics. People don’t buy in Manhattan or Brooklyn because it’s the cheapest or easiest place to live. They buy here because it’s New York. The culture, the history, the energy — these things don’t disappear when a new mayor takes office.
Let’s break it down practically. Sure, Mamdani talks about higher taxes on the wealthy and more affordable housing. But he can’t just wave a magic wand and change property taxes overnight. Tax changes in NYC need to pass through Albany, where there’s a whole other set of politics at play. We’ve seen proposals like the “millionaire’s tax” make big headlines before, only to stall when the legislative process kicks in.
Buyers and sellers who are worried should also take a hard look at recent history. Remember 2020? “New York is dead” was everywhere, people fled to the suburbs, and there was this belief that no one would ever want to live here again. Fast forward just a few years — restaurants are full, inventory is tight, and prices are back to breaking records.
I’ve personally had clients during COVID ready to walk away from luxury deals in Tribeca and the West Village. They stayed the course. Now those same properties are up 25% in value. Meanwhile, plenty of people who left for Florida are trickling back — proof that when it comes to NYC, emotions can lie but the market always tells the truth.
To be clear, it’s always been tough to buy property here. Taxes are high, financing is complex, co-ops are strict, and transaction costs pile up. But that hasn’t stopped the constant demand for a slice of Manhattan or Brooklyn life. Whether it’s a pre-war co-op on Fifth Avenue or a SoHo loft with massive ceilings, there’s always a market for what’s uniquely New York.
And looking at current data, there’s no sign of panic. From March to June 2025 — right in the thick of Mamdani’s campaign — deals kept flowing. Our brokerage alone moved $165 million in property, including the highest sale ever in Downtown Manhattan. June closed with one of the strongest luxury markets since 2006. That doesn’t happen if buyers are spooked.
If you’re buying or selling, the smart move is to stay grounded. Don’t let headlines dictate your strategy. NYC real estate is about timing, patience, and understanding the long game. Political cycles come and go, but this city’s real estate market has always rewarded those who play it smart.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
