Real estate experts warn NYC townhouse owners about Mamdani mayoral bid

Actual property specialists are sounding the alarm about what might occur to New York Metropolis townhouse homeowners mayoral candidate Zohran Mamdani wins the elections.

The self-described “Democratic Socialist” has taken town by storm with a housing platform that features a lease freeze and better taxes on high earners. The so-called “Mamdani impact‘ has rippled via town since his marketing campaign started, with housing demand surging within the Manhattan suburbs.

“Everyone seems to be gearing up for townhome sellers, particularly,” Dolly Lenz, CEO of Dolly Lenz Actual Property, stated Tuesday on “The Claman Countdown.” “Think about you personal a mansion in New York. … He says he will cut back the police drive. You do not need to reside in a mansion. You need to reside in a gatehouse, proper? So that could be a drawback.’

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New York Metropolis mayoral candidate Zohran Mamdani speaks throughout a ‘New York is Not For Sale’ rally at Forest Hills Stadium on October 26, 2025 within the Queens borough of New York Metropolis. (Stephani Spindel/VIEWpress/Getty Pictures)

Jenny Lenz, president of Dolly Lenz Actual Property, defined that customers are “just a little hesitant proper now” and are opting to lease moderately than purchase as they wait to see what’s subsequent.

Mamdani’s marketing campaign centered on affordability and redistribution of wealth – concepts which have resonated with some New Yorkers, in accordance with earlier reviews. The Lenz mother-daughter duo famous that affordability stays a high problem for People as residence costs proceed to rise in comparison with pre-COVID ranges.

“We’re up 53%. That is a staggering quantity,” Jenny stated. “We have had 27 consecutive months of value will increase, and the typical residence value is now about $415,000. In order that’s actually the issue, proper? However on the similar time, as we stated, mortgage charges are coming down. So we’re seeing our pals and clients dipping their toes again into the market, which is tremendous thrilling.”

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People “voting with their ft” have reshaped the housing market as blue states rebound in the actual property sector.

“It is as a result of everybody has fled, everyone seems to be coming again and costs have hit all-time low,” Dolly instructed FOX Enterprise. “So should you have a look at a spot like New York, costs have bottomed out. Florida, Florida is pricey. So there’s not as a lot transaction quantity, however costs stay very excessive.”

Democratic mayoral candidate Zohran Mamdani speaks throughout a mayoral debate at Rockefeller Middle forward of the election. (Angelina Katsanis-Pool/Getty Pictures/Getty Pictures)

Jenny added that areas the place People as soon as fled are “not doing effectively” as a result of many residents have since returned.

“Builders went there — to Florida, to Texas — and constructed and constructed and constructed, perhaps just a little an excessive amount of,” she stated. “Now persons are transferring again. So that you’re seeing extra offers in these markets, besides in areas with very restricted provide, like Palm Seaside.”

Different shoppers, the specialists say, try to stability each experiences — residing in Florida and New York — by downsizing one residence and shopping for one other.

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Zohran Mamdani, candidate for mayor of New York Metropolis, throughout a marketing campaign occasion at Forest Hills Stadium within the Queens borough of New York, U.S., on Sunday, October 26, 2025. (Victor J. Blue/Bloomberg by way of Getty Pictures/Getty Pictures)

As new homebuyers reenter the market, actual property specialists say a Federal Reserve price lower would assist.

“Any mortgage discount is clearly welcome, and a price lower by the Fed is welcome,” Dolly stated. “I’ve information for Jerome Powell: Please make it two this yr. We want it, and it is good for the economic system, it’s going to be good for everybody. It ripples via all the system.”