The question on everyone's mind:

What is going to happen if Zohran Mamdani wins the 2025 New York City Mayoral Election? Should you be worried? 

To get more specific, this is the question on all my clients' minds:

How will the real estate market be impacted if Zohran Mamdani becomes the next mayor of New York City?

Here were my thoughts as soon as he won the Democratic primary:

- NYC had corrupt Tammany Hall mayors for decades (read all about it HERE), and even in the middle of this time, there were good mayors who were shooting for reform (like A. Oakley Hall below)
- NYC got through the depression
- NYC got through near-bankruptcy in the 70s
- NYC got through the great recession of 2008-2009
- NYC got through COVID
- NYC got through the incompetence of Bill De Blasio
- NYC has already been muddling through a City Council that is less-than-business-friendly, to be mild, for years

My takeaway? New York City will figure out a way to thrive. We've had great mayors, and we have had terrible ones. We may have another terrible one soon. And he or she will have less power than you think.

What we have control over is our mindset. We will rise or fall based on that, and that alone.

So don't let a bad mayor get in your head. Just go out and get things done. Keep your head up. Be grateful. And maybe share this with your friends.

Perhaps We Should Backtrack

Why would people be upset about Mamdani becoming the next mayor of New York? And why would anyone who owns real estate, and who is thinking of buying or selling soon, be worried or upset? Well that's pretty easy:

• He wants to freeze rents, which (if enacted) would decimate the value of commercial real estate
• He has on many occasions discussed his dislike of capitalism and, more specifically, billionaires. The former certainly has anyone doing business in New York at least a little concerned
• His comments about Israel have gotten many New Yorkers, who represent the largest Jewish population center outside of Israel, quite frazzled

A Month Later, How Am I Feeling? 

I captured much of how I felt then, and I haven't gotten more fearful. That said, many, many people have reached out to me for thoughts on what might happen. I can tell you what won't happen:

• There won't be a run on NYC real estate.
• There will not be a mass exodus out of New York. Some people might decide to leave New York, but not as many as anyone thinks.
• There will not be any massive change in the composition of the New York City Council. That is, it will remain progressive, as it already is.
• There will not be a socialist governor in Albany. Rather, there will be a governor in Albany to keep any mayor in check. This is heartening.
• New York won't become San Francisco. Further, today, you can look at San Francisco as a cautionary tale, but you can also see that even there, they have begun to turn things around with the right leadership.

I will never bet against New York, and I wouldn't recommend you do that, either. Frankly, you simply never know what can happen before an election. 

Know this: as things change in the housing market in New York, we will always keep you apprised. Keep in touch and keep looking here for the latest information! - Scott & Magnetic