realestate

Mamdani Effect Drives Growth in Palm Beach Real Estate

Wealthy New Yorkers head to Florida, fearing progressive housing and tax plans in NYC’s mayoral race.

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s the New York City mayoral contest intensifies, affluent residents are already planning exits. Democratic Socialist Zohran Mamdani, who stunned voters with a June primary win, has sparked worry among high earners due to his broad housing and tax agenda that would overhaul the city’s real‑estate and fiscal priorities. In Florida—especially Palm Beach County—real‑estate agents report a surge of wealthy New Yorkers, especially from Westchester and Manhattan, eyeing relocation or expansion in the Sunshine State. “I’ve seen more New York buyers in the past year, especially from Westchester,” says Johnny DelPrete of The Exclusive Group at Douglas Elliman. Rising demand aligns with growing unease over Mamdani’s proposals: a multi‑year rent freeze, a $100 billion push for affordable housing, fast‑tracking 100 % affordable developments, and a 2 % income tax on those earning over $1 million. While tenants rally, higher‑income homeowners are scouting alternatives. Westchester agents report a 15 % jump in contracts since the primary, and Palm Beach agents like DelPrete field steady inquiries from clients seeking a backup plan. “Most of my New York clients say it’s lifestyle first,” he explains. “Weather, beaches, year‑round outdoor life. Taxes matter, but quality of life without losing easy New York access is key.” The influx strains an already tight inventory. Palm Beach, a 16‑mile barrier island 65 miles north of Miami, sees multiple‑offer battles where two of three buyers walk away empty‑handed. “They’re not price‑sensitive,” DelPrete notes. “If they love a property, they act fast and are willing to pay.”

Mamdani Effect fuels Palm Beach real estate market growth.