{"id":288900,"date":"2026-07-07T07:17:07","date_gmt":"2026-07-07T07:17:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/288900\/"},"modified":"2026-07-07T07:17:07","modified_gmt":"2026-07-07T07:17:07","slug":"the-mamdani-effect-manhattan-luxury-just-posted-its-best-quarter-in-years","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/288900\/","title":{"rendered":"The Mamdani effect? Manhattan luxury just posted its best quarter in years"},"content":{"rendered":"<p>Melissa Cohn, regional vice president at William Raveis Mortgage in New York, told MPA\u00a0the pattern was familiar.<\/p>\n<p>&#8220;Remember when the mansion tax started, and everyone said people aren&#8217;t going to buy, and this is a problem, and it&#8217;s going to ruin the real estate market? And nothing really happened,&#8221; Cohn said.<\/p>\n<p>&#8220;The mass exodus never happened.&#8221;<\/p>\n<p>At the very top of the market, the math explains why. For properties above $25 million, the pied-\u00e0-terre surcharge amounts to an effective rate of just 1.3%, according to a separate Real Deal market analysis.<\/p>\n<p>The New York City Comptroller estimates the tax will generate between $340 million and $380 million annually, below the $500 million projection cited by Mamdani and Governor Kathy Hochul.<\/p>\n","protected":false},"excerpt":{"rendered":"Melissa Cohn, regional vice president at William Raveis Mortgage in New York, told MPA\u00a0the pattern was familiar. &#8220;Remember&hellip;\n","protected":false},"author":2,"featured_media":288901,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[1023,27426,75,84,42980,83,9,24,63],"class_list":["post-288900","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-luxury-real-estate","tag-mamdani-effect","tag-manhattan","tag-manhattan-headlines","tag-manhattan-luxury-market","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/288900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=288900"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/288900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/288901"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=288900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=288900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=288900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}