Real estate experts warn NYC townhouse owners about Mamdani mayoral bid

Real estate experts are sounding the alarm about what could happen to New York City homeowners if that happens Mayoral candidate Zahran Mamdani He wins the election.

The self-described “democratic socialist” has swept the city with a housing platform that includes a rent freeze and higher taxes on the highest earners. what is called “Mamdani influence“It has mushroomed in the city since his campaign began, with suburban Manhattan housing markets seeing a surge in demand.

“Everyone is preparing for home sellers in particular,” Dolly Lenz, CEO of Dolly Lenz Real Estate, said Tuesday on “The Claman Countdown.” “Imagine you own a townhouse in New York… He says he’s going to cut down on the police. You don’t want to be in a townhouse. You want to be in a doorman building, right? So that’s a problem.”

New York City mayoral candidate Mamdani stresses socialist policies like free buses and universal child care

Jenny Lenz, managing director at Dolly Lenz Real Estate, explained that consumers are “a little hesitant at the moment” and are choosing to rent rather than buy while waiting to see what’s next.

Mamdani’s campaign was focused on: Affordability and wealth redistribution – Ideas that resonated with some New Yorkers, according to previous reports. Mother-daughter duo Lenz noted that affordability remains a major issue for Americans as home prices continue to rise compared to pre-coronavirus levels.

“We’re up 53%. That’s an amazing number,” Jenny said. “We’ve seen 27 straight months of price increases, and the average home price is about $415,000 now. So that’s really the problem, right? But at the same time, as we said, mortgage rates are going down. So, we’re seeing our friends and clients coming back into the market, which is very exciting.”

Americans voting with their feet has reshaped the housing market as blue states rebound in real estate.

“Because everyone fled, everyone came back, and prices are at rock bottom,” Dolly told Fox Business. “So, you look at anywhere like New York — prices have bottomed out. And looking at Florida, Florida is expensive. So, there’s not as much transaction volume; yet, prices remain very high.”

Democratic mayoral candidate Zahran Mamdani speaks during a mayoral debate at Rockefeller Center before the election. (Angelina Katsanis-Paul/Getty Images/Getty Images)

Jenny added that the areas to which Americans once fled “are not in good shape” because many residents have since returned.

“Developers have gone out there — to Florida, to Texas — and built and built and built, maybe a little too much,” she said. “Now, people are moving back. So, you’re seeing more deals in those markets, except in areas with very limited supply, like Palm Beach.”

Other consumers are trying to balance both experiences — living in Florida and New York — by downsizing from one home and buying another, experts said.

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As first-time homebuyers return to the market, real estate experts say a rate cut by the Federal Reserve would help.

“Obviously any mortgage reduction is welcome, as is a Fed rate cut,” Dooley said. “I’ve got news for Jerome Powell: Please, please make it second this year. We need it, and it’s good for the economy, and it’s going to be good for everyone. It’s trickling down all the way through the system.”