R
eal‑estate experts warn that New York City townhouse owners could face major changes if Zohran Mamdani wins the mayoral race. The self‑styled “Democratic socialist” has captured attention with a housing agenda that includes a rent freeze and higher taxes on high earners. Since the start of his campaign, the so‑called “Mamdani Effect” has amplified demand in Manhattan’s suburban‑style neighborhoods.
“Everyone’s preparing for townhouse sellers, especially,” said Dolly Lenz, CEO of Dolly Lenz Real Estate, on “The Claman Countdown.” She added that a townhouse owner might prefer a doorman building if Mamdani cuts police funding, creating a dilemma for residents.
Jenny Lenz, managing director at the same firm, noted that buyers are currently cautious, leaning toward renting while awaiting the political outcome. Mamdani’s platform—centered on affordability and wealth redistribution—has resonated with many New Yorkers, according to earlier reports. The Lenz duo highlighted that affordability remains a national priority as home prices have risen 53 % from pre‑COVID levels. “We’ve seen 27 consecutive months of price hikes, with the median home now around $415,000,” Jenny said. “Mortgage rates are easing, so we’re seeing clients cautiously re‑enter the market, which is exciting.”
The shift in buyer behavior, dubbed “voting with their feet,” has altered the housing landscape, especially in blue states that are rebounding. Dolly explained that while prices have bottomed in places like New York, Florida remains pricey, limiting transaction volume. “People left, then returned, and prices have stabilized,” she said. “Developers overbuilt in Florida and Texas, but now residents are moving back, creating more deals—except in supply‑tight areas like Palm Beach.”
Some buyers are balancing life between Florida and New York by downsizing one home and purchasing another. As first‑time buyers reenter, experts say a Federal Reserve rate cut would be beneficial. “Any mortgage reduction is welcome, and a Fed cut would help the economy,” Dolly said, urging Jerome Powell to consider two cuts this year.
