In the aftermath of much well-heeled panic about a potential mass exodus of New York millionaires and billionaires following the election of Zohran Mamdani, the contrary is already happening, and Manhattan luxury apartment buyers are voting with their wallets.
Signed contracts for Manhattan homes costing $4 million or more rose to 176 in November, a 25% increase from October’s 141 deals, according to fresh data from brokerage Douglas Elliman and appraiser Miller Samuel. New signed contracts of more than $4 million increased at more than twice the rate of the overall market, the report noted.
No one is leaving NY because Florida does not have decent pizza or italian sandwiches.
Is there even a museum in Florida without fake animals?
Eh, I went to a few pretty good museums in Key West once. Although, they also tried to become The Conch Republic for about a day that one time, so maybe they don’t count as mainland Florida.
Rich people fleeing because of a “socialistTM” politician in power is a complete nonsense since FDR. Even Warren Buffet called it out. Sure, some leave, but it is usually just a handful who do.
I also think that many rich people decided to stay and buy property in New York is because they actually know that Mamdani is a more stable economic hand than GOP states such as Florida. Plenty of tycoons low key wish for America to “Make America, America Again” because they are anxious of Trump’s chaotic economic policies; so much so that JP Morgan CEO threw his support on Mamdani.
Sure, some leave, but it is usually just a handful who do.
I mean, back in the 1980s, there really was a big exodus of fossil fuel companies from the Northeast (NY / NJ / CT) down to the Gulf Coast. My dad was part of that transition, forcing us to leave our beautiful garden state home and decamp to the armpit of America, Houston TX.
But this was a decision made at the executive level largely due to the Nixonian Southern Strategy combined with a national reorganization of Republican and Democrat aligned business interests. The downturn in the O&G economy made real estate in the Gulf Coast dirt cheap, while land prices in the New England area stayed relatively high. And the reorganization helped Reagnite voting coalitions finally flip states like Texas and Florida after decades of entrenched Dixiecrat control.
Nothing like that is shaping up in lower Manhattan specifically for the year 2026.
And if it WAS a real thing, it would mean fewer people in NYC, which would make it more affordable, would’ve been positive either way.
For most people, but especially for the rich, a liveable environment is far more important than a bit more money. Nobody who has saving money as their first priority is going to be living in New York anyway. But a liveable city that’s safe, fun to be in, and that you can move around in without fearing for your life, those are far more important to most people.
So I’m not surprised that Mamdani’s victory is drawing more people to NY.
Literally if I was loaded I’d love to live in NYC despite it being expensive. Because (and I can’t stress this enough) YOLO. Spend your life enjoying it, not saving up every single penny. And in this case, the taxes can contribute to enjoyment through increased safety and other livability factors.
This is obvious when you think about it even a little bit. You can’t buy safe streets.
What’s the point of being ultra-rich when you have to step outside into Phnom Penh and watch how toddlers collect scrap?
After decades of posing socialism as the root of all evil it is remarkable how it’s really not.
It’s funny how socialism is in fact the antidote to the root of all evil (capitalism).
About time. We’ve seen so much evil that’s unconnected to socialism.
Just like recreational drugs and homosexuality.
The Reagen-generation really fucked up the world beyond belief.
I imagine the ones who do want to leave are having trouble selling their $30 million mansions.
Well There’s Your Problem did a recent episode on the atrocious new “needle” towers in Manhattan and what a disaster they were because of how impractical and unaffordable they are.
What a surprise
Not even sworn in yet and Mamdani is already failing to deliver on his promises of lower Manhattan rental prices.
Are you telling me that people don’t want to move to the FREE STATE OF FLORIDA?
lmao these rich fucks WANT to pay more because it’s a status symbol to other rich people that they can afford what others cannot
you have to be so goddam stupid to believe anything they say ever
Also, like everyone else, rich people like living in nice places with proper modern amenities and stable government
Rich people always lie so poor people will feel sorry for them.
Probably most of those stating they’d run away already had Florida or other avoid-NY-taxes out of state license plates on their cars before the election.
Wait. Are you telling me that people would be willing to pay a small premium for living in a place that isn’t a shit hole, surrounded by content people who aren’t feeling murderously angry about crappy circumstances beyond their control?
Huh.
How ever shall the millionaires afford that?
Why would any rational person move to Florida? Lmao.
Maybe if you own a business and want the freedom to dump your toxic waste directly into water sources. Or if you sell meth.
Not that it’s a good state to be homeless, but at least you don’t freeze in the Winter.
