United Refining Firm Chairman and CEO John Catsimatidis weighs in on New York Metropolis’s mayoral election after Eric Adams dropped out of the race on ‘Mornings with Maria.’
New York Metropolis’s suburban housing markets are reportedly seeing a surge in demand because the mayoral race heads towards the Nov. 4 election, with Democratic Socialist Zohran Mamdani main within the polls.
Mamdani’s housing platform — which features a lease freeze and better taxes on high earners — reportedly has some New Yorkers turning to the suburbs. Zach and Heather Harrison, actual property brokers within the prosperous Westchester County, stated calls from Manhattan residents spiked after Mamdani’s Democratic major win in June, in accordance to Realtor.com.
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“We’re completely seeing a correlation between Zohran Mamdani’s shock win within the Democratic major and an uptick in actual property curiosity in Westchester,” the Harrisons instructed Realtor.com. “Because the summer time, practically each purchaser from the town we’ve taken out to see houses in Westchester has talked about the mayoral election as one of many drivers for procuring within the suburbs.”
Zohran Mamdani speaks at Foley Sq. in New York, New York, on Could 10, 2025. (Reuters/Bing Guan / Reuters)
Dwelling gross sales going into contract have surged 15% since Mamdani’s June major win, a soar native brokers have dubbed the “Mamdani impact,” in keeping with Realtor.com, citing the Harrisons.
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“The present atmosphere is giving patrons and buyers a cause to rethink their subsequent actual property transfer, and turning to Westchester as the primary attraction,” the duo stated.
Westchester’s median dwelling listing value hit $729,999 in August, which is greater than the nationwide median of $429,990. However not like New York Metropolis, many components of Westchester County don’t impose a resident earnings tax, Realtor.com reported, citing the Harrisons.
FILE PHOTO: The solar units on the skyline of Decrease Manhattan and Jersey Metropolis, New Jersey, on Could 13, 2020. (Gary Hershorn/FOX Information / Fox Information)
“I’d say taxes are the No. 1 precedence for patrons contemplating a transfer to Westchester in gentle of the mayoral election,” Zach Harrison stated. “In as we speak’s work-from-home world, many individuals don’t must be within the workplace 5 days per week. So when you possibly can transfer towards larger house, neighborhood facilities, and affordability that the suburbs provide, it actually turns into a straightforward resolution for many patrons.”
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Following the announcement on Sunday that New York Metropolis Mayor Eric Adams was dropping out of the mayoral race, John Katsomatides, CEO of Gristedes and D’Agostino Supermarkets, instructed FOX Enterprise that many New Yorkers, particularly in the true property business, have been “panicking.”
“I feel we’ve 32, 33 days left to the election,” Katsomatides stated Wednesday on FOX Enterprise’ “Mornings with Maria. A number of New Yorkers, particularly in the true property business, [are] panicking as a result of they’re afraid that if they’ve a billion {dollars} value of actual property … 32 days from now it could be value a half the value.”
FILE PHOTO: A view of Miami on August 3, 2025. (JC MILHET/Hans Lucas/AFP through Getty Photographs / Getty Photographs)
The shift isn’t restricted to New York’s suburbs. Actual property brokers beforehand reported a surge in rich New Yorkers heading south after Mamdani’s win within the metropolis’s mayoral major. Daniel de la Vega, president of ONE Sotheby’s Worldwide Realty in Miami, Florida, stated web site visitors from the New York space elevated by 50% within the week after the first.
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“Our brokers are fielding calls from patrons actively reassessing their choices, and we’ve seen a transparent uptick in demand throughout our new developments,” he stated on the time.
