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.
This is interesting because it contradicts past examples such as London. It’s slightly less interesting, though, because the Rich leaving actually doesn’t have a lot of practical consequences: they’re leeches on the local economy and outsource labor often.
London is an outlier quoted as the rule. London attracted rich people from all over the world with tax cuts and benefits. The leeches leeched and predictably contributed nothing. Since this is unsustainable, they raised taxes again. Wealth flight occured because the people that left had only moved there for the tax savings. London was not their home, they never tried to make it their home.
Massachusetts made a rich people tax and more rich people moved in
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?
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?
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.
After decades of posing socialism as the root of all evil it is remarkable how it’s really not.
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.
What a surprise
Are you telling me that people don’t want to move to the FREE STATE OF FLORIDA?
FREE STATE OF FLORIDA
I mean… It’s a bit of a fixer upper, but you can’t beat the price. I’ll take it!
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.
Not even sworn in yet and Mamdani is already failing to deliver on his promises of lower Manhattan rental prices.
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
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.
Cuomo said he’d move to Florida, hopefully the supposed Mamdani effect at least works on him.
Why would any rational person move to Florida? Lmao.
Not that it’s a good state to be homeless, but at least you don’t freeze in the Winter.
escape to Florida
Lol
