As a longtime broker working with you, New York’s most discerning clients, I’ve come to recognize subtle shifts in psyche long before they materialize in market data. Following the results of the mayoral primary election, one of those shifts is underway.
While— despite the alarmist articles— no mass exodus is occurring, the conversations among property owners are different today than they were even one month ago. There is concern—measured but real—about the direction the city may take under this new administration. For many, it’s not just about politics; it’s about values, stability, and the long-term vision for the city they’ve invested in, both financially and emotionally.
Some are beginning to weigh their options. These aren’t panic-driven decisions, but calculated ones. The potential for increased taxation, changes to property policies, concerns for safety, and a broader sense of unease about the city’s leadership are causing people to ask: Is now the time to consider a change?
For some, that might eventually mean selling and relocating to states where the financial and political climate feels more aligned with their priorities. For others, it may simply mean watching closely and holding decisions for a later date. But the conversation is undeniably happening.
We’ve said it before—after 9/11, in 2008, and again during the pandemic—New York is nothing if not resilient. Change is in its DNA. What we’re witnessing isn’t an ending, but a recalibration.
Whether this moment becomes a footnote or a catalyst will depend, in part, on how the election unfolds in the coming months—rest assured, New York never stays down for long.
In the meantime, enjoy the summer—sunshine, long weekends, and just enough rosé to forget about politics (temporarily).
Warmly,
Steven Cohen and the Team
Market Snapshot
Although the substantial year-over-year gains of the past are unlikely to return soon, today’s stable real estate market presents an opportunity for discerning buyers to make home choices that hold their value and serve them well for many years to come.
