Fox Business host and real estate expert Katrina Campins discusses the potential ramifications of the management of Zohran Mamdani if he becomes the mayor of New York on “Varney & Co.”
Real estate agents report an increase in the rich New Yorks heading south after the historic victory of Zohran Mamdani in the primary mayor of the city.
Mamdani, a member of the Extreme Left Assembly of Queens, led a campaign by pushing progressive policies such as a freeze on the city level, a child care funded by taxpayers and “fast and free” public buses. He collected it 565,639 votes. However, the wealthy of the city, including business owners, are concerned about the financial effects of some of these policies.
Daniel de la Vega, president of One Sotheby’s International Realty, said that the New York region’s website has increased by 50% in the week after primary.
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“Our agents arouse calls for buyers actively reassess their options, and we have seen a clear increase in demand in our new developments,” he said.
They see the interest of high net individuals and institutional investors in particular. Within this group, they “see a range of different buyers, including families, entrepreneurs and wealth managers who seek to permanently move operations and lifestyle,” added Vega.
A building with residential apartments is in the newly developed and exclusive Hudson Yards district of Manhattan on September 13, 2019, in New York. (Spencer Platt / Getty Images / Getty Images)
De la VEGA said that everyone is motivated by tax advantages, greater stability, safety and high quality of global life.
In 2018 and 2022, more than 125,000 New Yorkers moved to the Sunshine State. This has reported nearly $ 14 billion in gross adjusted income and “created a major increase in real estate in southern Florida,” he said, adding that the demand wave has reshaped the market. If Mamdani wins the general elections, she “could feed a second wave of migration,” added Vega.
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De la Vega said that his agency was still waiting to see how things are going on concerning the outcome of the general elections, but it is “seeing the first signs of owners who are frightened by uncertainty”.
One of its customers, which has and rented a condo unit in Manhattan for more than a decade, has recently decided to sell due to the increase in operating expenses, increasing regulatory uncertainty and the possibility of an increase in taxes and rent control.
A person crosses the Soho district of Manhattan, which is home to many high -end stores, shops, art galleries and dollars’ several million lofts on October 8, 2020m in New York. (Spencer Platt / Getty Images / Getty Images)
He said it is clear that “many weighed their options, accelerate the deadlines and deal with this moment as a window of opportunity to explore and penetrate the market in the south of Florida before the electoral season.”
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A historic building is located in the Soho district of Manhattan, which houses many high -end stores, shops, art galleries and dollars of several million dollars on October 08, 2020 in New York. (Spencer Platt / Getty images) / Getty Images)
However, De La Vega has argued that, for many people, New York still offers unrivaled opportunities, connectivity and cultural dynamism.
Lake Eola Park in Orlando, Florida. (Jeffrey Greenberg / Education Images / Universal Images Group via Getty Images / Getty Images)
“There remains one of the most dynamic, the most resistant and most desirable real estate markets in the world. No matter how the election is shaking, the city has always proven its ability to adapt and prosper,” he said.
