R
eal estate and business leaders have been warning of an exodus from New York City since Zohran Mamdani's Democratic primary win, but how serious are they about leaving? The chatter started immediately after Cuomo conceded, with industry types rushing to declare their intentions.

    Some high-profile figures, like Ryan Serhant and Danny Fishman, vowed to move people out of the city or expand their business in Florida. Bill Ackman even called for a mass defection of billionaires on social media. However, experts say this isn't the first time the city's wealthiest residents have panicked over a new administration.

    One power broker described the business community as "transactional," always looking to appease whoever is in office. Douglas Elliman broker Steve Cohen says his clients aren't yet considering leaving the city, with most conversations focused on discussing their feelings rather than making decisions.

    Compass broker Miltiadis Kastanis also reports that potential buyers are mostly curious about the market, with no one pulling the trigger on a transaction. He notes that a hypothetical election isn't enough to justify spending millions of dollars on real estate.

    The New York Apartment Association is sounding the alarm over Mamdani's plan for a four-year rent freeze, but some in the industry see it as an opportunity to increase housing production. They agree on issues like streamlining project reviews and reforming property taxes.

    Despite the warnings, the dominant mood in the city seems to be "Let's wait and see how this goes." Peter Zaitzeff, a Serhant broker, bluntly stated that "anybody that says they are leaving New York ain't fucking leaving." Less than 48 hours after Mamdani's win, he received an offer for $18.5 million on an Upper West Side condo.

    New Yorkers tend to be reactive in the short term but not long-term, Zaitzeff notes. "They react in the moment out of opinions, but nobody leaves New York."