The force behind Greenwich's recent real estate boom: Zohran Mamdani

Amidst a flurry of fierce bidding wars and skyrocketing prices in Greenwich, local real estate brokers are pointing to a heightened level of interest from New York City residents. This phenomenon is fueled by the prospect of a Democrat Socialist Zohran Mamdani winning the mayoral race in New York.

In Greenwich, this has resulted in bidding wars more intense than what was even seen during the pandemic. Said Mark Pruner, a broker in the Greenwich office of Compass: "We were having a good year before Mamdani won the primary on June 24—and now we are having a great year." Joy Kim Metalios, an agent with Houlihan Lawrence, confirms the trend: "We've been seeing people come out of New York City," citing the prospect of a Mayor Mamdani as a primary concern.

The chart here is from realtor Mark Pruner's blog of Oct 31, 2025. You can see an unusual uptick in Greenwich contracts signed (dark green line). However, housing inventory (dark red line) is not rising to meet this demand. It's the ultimate seller's market.

The primary catalyst for this flight is Mr. Mamdani's progressive platform, which promises universal child care, fare-free buses, and free municipal groceries—all funded by substantial tax hikes targeting corporations and high earners. For wealthy Manhattanites, the platform directly translates into anxieties over steeper progressive taxes, public safety, and urban livability.

The financial arbitrage is already significant in a move to Greenwich. New York City's wealthiest earners face the nation's highest marginal combined State/City income Tax rates, ranging from 13.5% to 14.8%. Connecticut's top income tax rate is approximately 7%.

This is a worrisome trend for NYC's finances. The city is already over-reliant on its wealthiest residents: in 2022, the top 1% of city taxpayers paid 40% of the city's income tax. Between 2010 and 2022, New York State's share of the nation's millionaires plummeted by 31%, falling from 12.7% to 8.7%. This represents a loss of $13 billion in tax revenue in annual revenue.

Mr. Mamdani and his supporters argue that the "exodus narrative" is simply an effort by the wealthy to protect their own interests against the needs of everyday New Yorkers, stating his policies are designed to help working families. However, an acceleration of outmigration by the wealthy due to tax fears will undoubtedly hurt the long-term finances of NYC.

Between the Lines: The problem with socialism is you eventually run out of other people's money. For the Greenwich real estate market, that means more of "their money" is landing right here.

Story here