The Mamdani Effect: Wealth Flight and the Future of New York City
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millionaire, exodus, millionaire, in fact, they’re calling it many different things. A lot of concern, New York City, whether not wealthy residents are going to leave. Starting to hear rumblings and grumblings again. I know a few people, to say the least, they’re involved in real estate in and around the New York City area in the suburbs. And yeah, they’re calling it the Mamdani.
affect and people are looking to get out. Ron Santis, State of Florida interviewed, you know, talking about it as well. And you know what he expects is going to happen here in the state of Florida. More people moving down here looking to get out. That’s all I can stand. I can’t stand no more. It’s a real thing. There’s no doubt about it.
What I see for the future of New York City, I think it’ll almost become like a museum city, something like you would see in Europe. Once great city of commerce and a myriad of other things where many companies will still…
They’ll still have like their headquarters, quote unquote headquarters there for show. But we’ll operate out of Dallas, operate out of Miami, operate out of Charlotte somewhere else. I think that that trend is going to continue. It just it makes sense for a lot of these businesses. I think, like I said, you’re going to end up getting like, you know, a European
city type of a feel. mean, hopefully they’ll clean it up and we’re to see what’s going to happen when all said and done. But people was describing it’s almost a calcifying. I want to think about it this way. The calcification of New York City. It’s been happening for a while now. We’re to be opening up the Dallas Stock Exchange sometime next year. Much of the Third Avenue corridor that had, you know, a ton.
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of office buildings that were there empty. Yeah, yeah, great. You got the new JP Morgan headquarters. That’s all well and good. And he’s, you know, keeping people there, but he’s also got other offices as well. And again, I think you’re going to continue to see more and more people say, you know what, that’s it. I’m not going to bother with that. I’m not going to do with this deal with this anymore. I think the concern one last concern why anybody might rush for the exits on this.
is any sort of retroactive type of tax saying that, you did live here and then we’re gonna come after you. I don’t know how that would be legal. I really don’t. But again, I wouldn’t put it past them. But yeah, from the looks of things, real estate agents in Fairfield County, Connecticut, Westchester County, New York, Nassau County, New York, Suffolk County, New York and yes.
Palm Beach County, Florida, many other places are gonna be grinning from ear to ear. Watchdogonwallstreet.com.
