Experts Warn of Impending Disaster Zohran Mamdani Would Cause for New York Real Estate
Real estate experts Dolly and Jenny Lenz have expressed serious concerns about the potential impact on New York City’s real estate market if Democratic Assemblyman Zohran Mamdani is elected mayor. Mamdani advocates for policies such as rent freezes aimed at addressing rising housing costs. However, the Lenz duo warns that thes policies could prompt many residents to leave the city for places like Greenwich, New Jersey, florida, Texas, and elsewhere, leading to a shrinking population and a halt in new construction as developers react to unfavorable conditions. They report an increasing number of inquiries from people planning to sell and move if Mamdani wins. the possibility of Mamdani’s victory has already affected stock prices of real estate investment trusts linked to NYC. With Mamdani leading in polls and having strong chances of winning against rivals including former Governor Andrew Cuomo, incumbent Mayor Eric Adams, and Republican Curtis Sliwa, these experts and market indicators suggest that a mamdani win could trigger significant disruption in the NYC housing market.
Dolly and Jenny Lenz, a mother-daughter real estate duo, warned of the havoc that would ensue in the real estate market if New York State Democratic Assemblyman Zohran Mamdani is elected mayor of New York City.
Mamdani has suggested rent freezes and other socialistic policies meant to address rising rents in the Big Apple.
But such policies would prompt many to leave the city.
To an extent, that is already happening.
“They’re going to Greenwich, to New Jersey, to Florida,” Dolly Lenz said in an interview with Fox Business.
“They are not going to be here.”
She also said that “there’d be no building” as developers adjust to the new conditions, a trend which would further limit the housing supply.
“We’re getting so many calls … from people who say, ‘Look, if [Mamdani’s] in, I’m out.’ They’re going to vote with their feet. They’re going to list their apartments, and they’re moving,” she continued.
The team said that many New Yorkers are moving to places like Texas and Florida.
“Given all this Mamdani news, a lot of people are certainly on it,” Jenny Lenz remarked.
“He’s winning by a lot,” she said of Mamdani.
His odds of winning against former New York Gov. Andrew Cuomo and incumbent Mayor Eric Adams is about 81 percent, according to Interactive Brokers data, per Fox Business.
Cuomo and Adams are both running as independents. Republican candidate Curtis Sliwa is also in the race.
Dolly and Jenny Lenz are not the only ones to point toward cataclysm in the New York City real estate market in the event of a Mamdani win.
After Mamdani won the Democratic primary, several real estate investment trusts with investments in the Big Apple suffered, according to a report from the New York Post.
Equity Residential and Empire State Realty Trust fell by 3 percent and 4 percent, respectively, after the results came in.
LXP Industrial Trust dropped 2.5 percent; Flagstar Financial fell 5 percent, and Dime Community Bank dropped 4 percent.
“Politicians continue to march down a perilous path for rent-regulated multi-family with allowable rent increases lagging expense growth,” brokerage Stephens said of the results.
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