With the New York mayoral election just two months away, 33-year-old state Assemblyman Zohran Mamdani is emerging as a strong contender, leading the polls with a comfortable 15-to-20-point margin over his nearest rival, former Governor Andrew Cuomo.
The prospect of a democratic socialist potentially leading New York City has prompted an influx of interest from affluent New Yorkers looking to relocate to Miami.
Real estate brokers in Miami have reported a significant increase in inquiries as wealthy clients express their intentions to move, regardless of the election’s outcome.
“Every single day since the primary, we’ve been receiving calls from individuals saying, ‘We’re moving, we don’t care if he wins,’” remarked Judy Zeder, a sales associate at Jills Zeder Group, during Bisnow’s Women Leading Real Estate event.
Mamdani’s campaign has focused on ambitious proposals, including a freeze on rent for the city’s one million stabilized apartments, a plan to borrow $70 billion for the development of affordable housing, and initiatives for free bus fare and city-owned grocery stores, all funded by higher taxes on the wealthy and businesses.
While many of these proposals require state approval, Mamdani’s policies are reshaping the political landscape and igniting discussions among real estate professionals.
At the Bisnow event held at the InterContinental Hotel in Downtown Miami, the impact of Mamdani’s candidacy on the New York commercial real estate market was a central topic.
Alicia Cervera Lamadrid, managing partner at Cervera Real Estate, expressed concern about the potential exodus of high-tax contributors.
“That’s the travesty, that the people who are the highest taxpayers and the highest producers of jobs leave when these things happen,” she said.
Following Mamdani’s primary victory in June, commercial real estate owners and investors in New York swiftly began adjusting their strategies, with many eyeing South Florida as a new destination.
This kind of flight is reminiscent of the moves made during the pandemic, a trend that has the market speculating about future growth in Miami.
Despite some skepticism regarding the likelihood of a South Florida boom, the potential of a Mamdani mayoralty is gaining traction.
The attractive allure of Florida’s business-friendly policies, including no state income tax and favorable laws for developers, enhances its appeal further.
To capitalize on this wave of interest, Miami real estate agents are preparing themselves for an anticipated surge of New Yorkers looking to purchase property.
Lamadrid is scheduled to travel to New York on September 25 with Miami’s Master Brokers Forum to discuss strategies for selling real estate in Miami.
“For the New Yorkers to be so clear about what’s happening and to be getting prepared, it’s a terrifying thing,” she stated.
Cervera’s insights indicate that while the anticipated growth may benefit Miami, the implications for New York are concerning, adding, “If our country’s not winning, we’re not winning.
It’s very sad, but it is going to have an impact, and we have to be ready for it.”
With over 9,000 condo units planned across 37 projects in Miami, the city is well-equipped to absorb this influx, according to Peggy Olin, CEO of OneWorld Properties.
While sellers of luxury real estate in Miami look forward to the potential benefits, a sense of sorrow remains for the city of New York.
Zeder poignantly expressed, “It’s great for Miami. I think it’s heartbreaking for New York because when cities have something bad that happened to them, they don’t always recover.”
image source from：bisnow
