United Refining Firm Chairman and CEO John Catsimatidis weighs in on New York Metropolis’s mayoral election after Eric Adams dropped out of the race on ‘Mornings with Maria.’
New York Metropolis’s suburban housing markets are reportedly seeing a surge in demand because the mayoral race heads towards the Nov. 4 election, with Democratic Socialist Zohran Mamdani main within the polls.
Mamdani’s housing platform — which features a lease freeze and better taxes on high earners — reportedly has some New Yorkers turning to the suburbs. Zach and Heather Harrison, actual property brokers within the prosperous Westchester County, stated calls from Manhattan residents spiked after Mamdani’s Democratic major win in June, in response to Realtor.com.
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“We are absolutely seeing a correlation between Zohran Mamdani’s surprise win in the Democratic primary and an uptick in real estate interest in Westchester,” the Harrisons instructed Realtor.com. “Since the summer, nearly every buyer from the city we have taken out to see homes in Westchester has mentioned the mayoral election as one of the drivers for shopping in the suburbs.”
Zohran Mamdani speaks at Foley Sq. in New York, New York, on Could 10, 2025. (Reuters/Bing Guan / Reuters)
Residence gross sales going into contract have surged 15% since Mamdani’s June major win, a soar native brokers have dubbed the “Mamdani effect,” in response to Realtor.com, citing the Harrisons.
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“The current environment is giving buyers and investors a reason to reconsider their next real estate move, and turning to Westchester as the main attraction,” the duo stated.
Westchester’s median house listing worth hit $729,999 in August, which is larger than the nationwide median of $429,990. However in contrast to New York Metropolis, many components of Westchester County don’t impose a resident earnings tax, Realtor.com reported, citing the Harrisons.
“I’d say taxes are the No. 1 priority for buyers considering a move to Westchester in light of the mayoral election,” Zach Harrison stated. “In today’s work-from-home world, many people do not need to be in the office five days a week. So when you can move toward greater space, community amenities, and affordability that the suburbs offer, it really becomes an easy decision for most buyers.”
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“I think we have 32, 33 days left to the election,” Katsomatides stated Wednesday on FOX Enterprise’ “Mornings with Maria. A lot of New Yorkers, especially in the real estate industry, [are] panicking because they’re afraid that if they have a billion dollars worth of real estate … 32 days from now it might be worth a half the price.”
FILE PHOTO: A view of Miami on August 3, 2025. (JC MILHET/Hans Lucas/AFP through Getty Photographs / Getty Photographs)
The shift isn’t restricted to New York’s suburbs. Actual property brokers beforehand reported a surge in rich New Yorkers heading south after Mamdani’s win within the metropolis’s mayoral major. Daniel de la Vega, president of ONE Sotheby’s Worldwide Realty in Miami, Florida, stated web site site visitors from the New York space elevated by 50% within the week after the first.
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“Our agents are fielding calls from buyers actively reassessing their options, and we have seen a clear uptick in demand across our new developments,” he stated on the time.
