W
ealthy New Yorkers are fleeing the city in droves after Zohran Mamdani's historic mayoral primary win, with real estate agents reporting a surge in interest from high-net-worth individuals and institutional investors looking to relocate south. Daniel de la Vega, president of ONE Sotheby’s International Realty, says website traffic from the New York area increased by 50% in the week after the primary, with buyers actively reassessing their options and seeking tax advantages, stability, safety, and a higher quality of life.

    De la Vega notes that over 125,000 New Yorkers have already made the move to South Florida since 2018, bringing nearly $14 billion in adjusted gross income and reshaping the market. If Mamdani wins the general election, it could fuel a second wave of migration, he warns. His agency is seeing early signs of owners spooked by uncertainty, with one client selling their Manhattan condo due to rising operating expenses and regulatory uncertainty.

    However, de la Vega believes that New York still offers unmatched opportunity, connectivity, and cultural vibrancy, making it one of the world's most dynamic and desirable real estate markets. Despite the election outcome, he says the city has always proven its ability to adapt and thrive.