New York City’s luxury housing market is experiencing a noticeable shift, and many in the industry are pointing to a “Mamdani effect” as the catalyst. Even though Zohran Mamdani’s policies focus mainly on affordability and rent-stabilized housing, the reaction among high-net-worth owners has spilled into the luxury sector. With concerns about future regulations and a general sense of uncertainty, some wealthy sellers are listing their apartments faster and pricing them more aggressively than before, creating rare discounts at the top of the market.
Those price drops are catching the attention of buyers across the country — and the world. Investors from places like Miami, Los Angeles, London, and Dubai are suddenly seeing opportunities in New York that haven’t existed in years. Former New Yorkers who left during the pandemic are also returning, drawn back by the lifestyle, culture, and the fact that luxury units that once felt unattainable are now selling at far more negotiable prices. For many buyers, this moment feels like a window of opportunity in a city where the high end is usually immune to broader political shifts.
As a result, instead of pushing people away, Mamdani’s administration is unexpectedly pulling more people into the city. The combination of discounted luxury listings, motivated sellers, and renewed buyer interest has energized parts of the market that had been slow or overpriced for years. While these conditions may not last long, they are reshaping buyer behavior right now — and sparking a new wave of movement back into New York City.
I am personally fielding calls from multiple buyers looking for high end apartments, in the $3-$5 million range, and how they are looking for great deals.
Many feel that he will just be a TikTok issue. Big screen today, and forgotten tomorrow. And they are looking to capitalize on it.
As we enter the traditionally slow winter season, will Mamdani actually Heat up the market?