Business Rundown: How The "Mamdani Effect" Is Already Shaking Up The Real Estate Market
Description
Tomorrow is election day in New York City, and Zohran Mamdani is leading comfortably in most polls.
Mamdani has been the frontrunner since winning the Democratic primary this summer. He promises higher taxes on the rich and a housing reform plan that includes a rent freeze.
Critics argue that these policies will hurt landlords, discourage new investment and development projects, and encourage some wealthy residents to leave the city.
Real estate agents in upstate New York, Connecticut, and other states, like Florida, claim they're already fielding calls from nervous New Yorkers considering a move.
FOX Business Real Estate Contributor and host of Mansion Global on FOX Business Prime, Katrina Campins, speaks with Lydia Hu about the so-called “Mamdani Effect” and the national trend of Americans leaving Blue States for low-taxed Red Ones.
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