It hasn’t even been long since New York City Mayor-elect Zohran Mamdani won his election — and the economic ripples of his policies are already being felt.
Remember the promise that “the rich” would fund all the free programs Mamdani touted during his campaign? Well, there’s good news and bad news. The good news: real estate agents outside the city — especially those catering to high-income clients — are having a banner week. The bad news: those same agents say it’s because affluent New Yorkers are getting ready to leave the city in droves.
In what may be one of the least surprising developments in recent political memory, realtors and financial experts alike report a surge in upper-class residents preparing to relocate — some even to neighboring Connecticut, a state hardly known for its low taxes or cheap housing.
But Connecticut does offer one advantage: it’s “Mamdani-free.” For many high earners, that alone seems to make it worth the price. As critics of Mamdani’s policies put it, escaping the looming threat of higher taxes, growing crime, and the mayor-elect’s lenient approach to public safety is well worth a longer commute and a higher mortgage.
According to The New York Post, “[r]ealtors in leafy Greenwich said their open houses have been packed and that selling prices are going through the roof after Zohran Mamdani’s mayoral win in New York City sparked fears over everything from unsafe city buses to an economic meltdown.”
“Every lot is desirable in Greenwich now,” said Mary Ann Heaven, a broker with Berkshire Hathaway. “Greenwich is extremely stable, and people are confident that the winds of change happening down there [in New York City] are not happening up here.”
Heaven said one colonial home in the area drew interest from “50 or 60 parties” — roughly three times the usual number of buyers.
Her husband, Marshall Heaven, a realtor with his own firm, added that the demographic of those leaving New York has shifted dramatically.
“The people leaving New York City now are not like the people who left four or five years ago,” he said. “They’re not the ultra-rich who keep an apartment in Manhattan and buy a second or third home here. These are families selling their New York apartments and moving permanently to Greenwich.”
He pointed to one striking example: a house that sold for $2.5 million — more than half a million dollars over the asking price.
In the nearby Cos Cob neighborhood of Greenwich, interior designer Dimitry Melnikov said the local housing market had reached a fever pitch.
“The market is screaming — it’s hot,” Melnikov said. “Places are selling for much more than they’re worth. My friend listed a home last Friday, and within 12 hours — by Monday morning — he had 90 offers. I don’t think it’s normal. I don’t think it’s good. I know it’s not good for New York City.”
Melnikov, who grew up in Belarus, drew a sharp comparison to what he believes New York is facing.
“I’m familiar with socialism,” he said. “It’s not going to work in New York City. To lay socialism on top of capitalism — that’s not going to work.”
And Connecticut isn’t the only region seeing what’s now being dubbed the “Mamdani Effect.”
In Palm Beach, Florida, real estate agent Kourtney Pulitzer posted a video describing a similar trend — high-income New Yorkers rushing to buy properties in tax-friendly states before Mamdani’s administration can even begin implementing its agenda.
While it’s still early days, one thing is clear: for many of the city’s wealthiest residents, Mamdani’s promise of economic “fairness” has triggered an exodus — one that could reshape both New York’s housing market and its tax base for years to come.
This woman is a luxury real estate agent in Palm Beach, Florida
Today following Zohran Mamdani winning her office has exploded with calls from wealthy New Yorkers wanting properties
It’s actually happening. The wealthy are fleeing New York City in droves
“I’m not gonna lie. I… pic.twitter.com/NwwwlFOnKG
— Wall Street Apes (@WallStreetApes) November 6, 2025
The financial motivations behind the exodus are clear — and they only intensified after election night, when Zohran Mamdani made it unmistakably clear that he meant every word of his campaign rhetoric. He opened his victory speech with a quote from early 20th-century U.S. presidential candidate and prominent socialist Eugene Debs, a move that left little doubt about his ideological direction.
It seemed, in fact, that Mamdani was eager to get ahead of the inevitable New York Post headline that would follow his win — one likely to frame him as the city’s newest experiment in radical politics.
Tomorrow’s NY Post Frontpage: The Red Apple pic.twitter.com/1NbOLEhH10
— Behind the News (@BehindNewsShow) November 5, 2025
“Our greatness will be anything but abstract. It will be felt by every rent-stabilized tenant who wakes up on the first of every month knowing the amount they’re going to pay hasn’t soared since the month before. It will be felt by each grandparent who can afford to stay in the home they have worked for, and whose grandchildren live nearby because the cost of childcare didn’t send them to Long Island,” Mayor-elect Zohran Mamdani declared near the end of his victory speech — a speech that quickly turned into a sweeping list of progressive promises.
“Most of all, it will be felt by each New Yorker when the city they love finally loves them back,” he continued passionately. “Together, New York, we’re going to freeze the rent together, New York, we’re going to make buses fast and free together, New York, we’re going to deliver universal childcare.”
But as Mamdani’s words echoed through the jubilant crowd, many were already asking the obvious question — who would foot the bill for this vision?
Real estate professionals warn that the city may soon find out the hard way. “I think the major thing that will affect people would be something as simple as free bus tickets, as bad as that sounds,” said John Antretter, a broker specializing in Manhattan and Brooklyn properties, in an interview with the New York Post.
“If people feel unsafe sending their kids across town on the bus every day, or if they have to switch to private car services or Ubers or the parents driving them … that’ll be the No. 1 driving force,” he added.
In other words: unsafe, costly, and uncertain.
For many New Yorkers with the means to leave, the choice is already being made. As the so-called “Mamdani Effect” ripples through the city, one thing seems increasingly clear — Gotham may soon find itself short not only on luxury penthouse owners but also on the taxpayers who once kept its ambitious dreams afloat.
