The political landscape of New York City has once again stirred the real estate sector following Andrew Cuomo’s concession to Zohran Mamdani in the recent Democratic primary.
Industry insiders quickly took to their platforms to express concern over the ramifications of a Mamdani administration, with notable figures within the real estate community voicing their alarm.
Ryan Serhant, a prominent real estate broker, candidly stated that his primary focus would shift to moving people from New York to Florida.
Danny Fishman, the CEO of Gaia Real Estate, characterized Mamdani’s potential governance as ‘the death penalty for the city’, while Bill Ackman, a hedge-fund manager, called for a notable exodus of billionaires, likening it to a more extreme version of Ken Griffin’s departure from Chicago.
Such strong reactions suggest a panic reminiscent of previous instances where the wealthiest New Yorkers have expressed their apprehensions regarding the city’s future.
Historically, these concerns are not new; similar fears arose during Bill de Blasio’s administration and at the onset of the COVID-19 pandemic.
As one power broker explained, the anxiety among the business community stems from a transactional mindset, often leading to quick, emotional reactions that may not reflect longer-term realities.
However, many more level-headed brokers in the wake of Mamdani’s victory have noted that the anticipated mass exodus might be premature.
Douglas Elliman broker Steve Cohen reported, ‘None of my clients right at this moment are saying,
image source from：curbed
