The New York City mayoral election is reportedly influencing the regional housing market, as the polling lead of Democratic Socialist candidate Zohran Mamdani coincides with a notable increase in Manhattan residents seeking properties in suburban areas. Real estate agents in Westchester County and South Florida have observed a significant uptick in inquiries, a trend some are calling the "Mamdani effect."
This shift is attributed by some market observers to Mamdani’s proposed policies, which include a city-wide rent freeze and increased taxes for high-income earners. The potential for these changes is prompting some city dwellers to explore housing options outside the five boroughs ahead of the November 4 election.
Key Takeaways
- Real estate agents report a surge in interest from Manhattan buyers for homes in suburbs like Westchester County and in Florida.
- Home sales entering contract in Westchester County increased by 15% since Zohran Mamdani's primary win in June.
- A Miami real estate firm saw a 50% jump in website traffic from New York following the primary.
- Mamdani's policy platform, including higher taxes and a rent freeze, is cited by agents as a primary motivation for potential movers.
Westchester County Sees Increased Demand
Real estate professionals in Westchester County, a suburb north of New York City, are reporting a direct connection between the city's political climate and their local market. Agents Zach and Heather Harrison noted a sharp rise in calls from Manhattan-based clients immediately following Mamdani's victory in the Democratic primary in June.
"Since the summer, nearly every buyer from the city we have taken out to see homes in Westchester has mentioned the mayoral election as one of the drivers for shopping in the suburbs," the Harrisons stated, according to Realtor.com.
This anecdotal evidence is supported by market data. The number of home sales going into contract in the county has seen a significant increase.
15% Rise in Contracts
According to local real estate agents, the volume of homes going into contract in Westchester County has surged by 15% since Mamdani secured the Democratic nomination in June 2025.
This increased activity highlights a growing trend of city residents re-evaluating their housing options based on potential policy changes in New York City.
Financial Considerations Fueling the Exodus
A primary factor driving the interest in suburban properties appears to be financial. Mamdani's platform has brought the issue of taxation to the forefront for many high-income residents. Many parts of Westchester County offer a different tax structure that buyers find appealing.
The Appeal of Lower Taxes
Unlike New York City, many municipalities in Westchester County do not levy a resident income tax. This distinction has become a major selling point for those concerned about potential tax hikes in the city.
"I’d say taxes are the No. 1 priority for buyers considering a move to Westchester in light of the mayoral election," Zach Harrison explained. He noted that the rise of remote and hybrid work models has made moving to the suburbs more feasible for professionals who no longer need to be in a Manhattan office five days a week.
Cost Comparison: NYC vs. Suburbs
While the median home list price in Westchester was $729,999 in August—well above the national median of $429,990—the long-term financial benefits, such as lower income taxes and more living space, are proving attractive to many New York City buyers.
The combination of greater space, community amenities, and a potentially lower overall tax burden is making the suburbs an increasingly popular choice.
Interest Extends Beyond New York's Suburbs
The trend is not confined to the tri-state area. Real estate markets as far away as Florida are also experiencing heightened interest from New Yorkers. This suggests a broader reassessment of living situations among some of the city's affluent residents.
Daniel de la Vega, president of ONE Sotheby’s International Realty in Miami, reported a dramatic increase in engagement from potential buyers in the New York region.
Florida Inquiries Spike by 50%
In the week immediately following Zohran Mamdani's primary win, de la Vega's firm saw its website traffic from the New York area increase by 50%. This data indicates that a considerable number of residents are exploring long-distance moves.
"Our agents are fielding calls from buyers actively reassessing their options, and we have seen a clear uptick in demand across our new developments," de la Vega said at the time. This movement suggests that for some, the election is a catalyst for considering a complete relocation to a different state with a more favorable tax environment.
NYC Business Community Expresses Concern
The potential shift in population has not gone unnoticed by New York City's business leaders, particularly those in the real estate sector. Following the news that incumbent Mayor Eric Adams was dropping out of the race, concerns about the election's outcome intensified.
John Katsomatides, the CEO of supermarket chains Gristedes and D'Agostino, voiced the anxieties of the city's property owners.
"A lot of New Yorkers, especially in the real estate industry, [are] panicking because they're afraid that if they have a billion dollars worth of real estate … 32 days from now it might be worth a half the price," Katsomatides told FOX Business.
His comments reflect a broader apprehension within the business community about the potential impact of Mamdani's proposed economic policies on property valuations and investment in the city. As the November 4 election approaches, the real estate market in and around New York City will remain a key indicator of public and investor sentiment.
