Wealthy New Yorkers are considering fleeing to the suburbs as the possibility of a progressive mayor gets stronger.
As the reality settles in that Zohran Mamdani — a committed Democratic Socialist — might soon become New York City’s mayor, numerous city residents are considering their escape options.
This is because the policies at the core of Mamdani’s campaign are largely unpopular with wealthy and upper-middle class New Yorkers.
Mamdani has proposed raising taxes on high earners to make the city more affordable. This move is pushing those with substantial incomes out of the city and into lower-tax regions.
Certainly, according to realtors, New York City’s loss is Westchester’s gain.
Westchester, a leafy suburb in the Hudson Valley, is located just north of the city, with an easy commute into Manhattan.
“We are definitely observing a connection between Zohran Mamdani’s unexpected success in the Democratic primary and an increase in real estate interest in Westchester,” noted Zach and Heather Harrison, real estate agents in the area.
“Since the summer, almost every buyer from the city we’ve shown homes to in Westchester has cited the mayoral election as a reason for looking in the suburbs,” they informed Realtor.com.
Wealthy New Yorkers who want to avoid Mamdani’s taxes on high-earners are exploring moving to Westchester County
Zohran Mamdani won the primary in June and is now polling ahead of his opposition
Since Mamdani’s victory in the Democratic primary in June, home sales going into contract in Westchester County have risen by 15 percent compared to the same period last year, as reported by The Harrison Team.
Local agents are already calling it the ‘Mamdani effect.’
“The current environment is giving buyers and investors a reason to rethink their next real estate decision, turning their attention to Westchester as the main attraction,” say the Harrisons.
In comparison to New York City, Westchester offers more space, lower crime rates, and often lower effective taxes.
For those who work in the city, the commuter rail (Metro-North) still connects Westchester to New York City — but with remote work, many people don’t need to be in the city daily anyway.
Another attractive quality is the highly-rated public schools Westchester towns have to offer — which are a big draw for families.
However, in this case, the suburbs are not less expensive than the city. As of August, the median home list price in Westchester County was $729,999.
Not only is this well above the national median of $429,990, but it is also higher than New York City’s median list price, which was $631,300 in August, according to Zillow.
Westchester is easily commutable from New York City on the train or by car
In comparison to New York City, Westchester offers more space, lower crime rates, and often lower effective taxes
Mamdani has campaigned on making housing in New York City more affordable for working class communities and immigrants
What Mamdani is proposing for New York City aims to make housing more affordable for working-class and immigrant communities who have been hit hard by decades of rising rents and limited affordable housing options.
This plan, however, will not do much for the upper echelon.
Mamdani’s housing proposal calls for a $100 billion investment over the next decade, paired with the construction of 200,000 new publicly subsidized, rent-stabilized units.
The progressive politician has also pledged to impose a multiyear rent freeze on rent-stabilized apartments and committed to doubling the capital budget for the New York City Housing Authority in order to maintain public housing.
He promised to grant ‘fast-track’ status to any project that is 100 percent affordable housing by cutting through red tape that usually causes delays.
Mamdani predicts that that these moves, along with a 2 percent tax on New Yorkers earning more than $1 million annually, could pull together $4 billion a year.
He plans to funnel this money into programs focusing on universal early child care and more affordable housing options.
Mamdani is up in the polls ahead of the election on November 4.
Now that the city’s current mayor Eric Adams has dropped out of the race, the only people left between him and City Hall are the Independent candidate, Andrew Cuomo, and the Republican candidate, Curtis Sliwa.
