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Manhattan luxury home<\/a> sales increased in November despite fears that New York City Mayor-elect Zohran Mamdani’s victory would drive out millionaire residents, according to two real estate companies.<\/p>\n There were 176 signed contracts for Manhattan homes costing $4 million or more last month, compared to 141 in October, according<\/a> to luxury real estate company Douglas Elliman (NYSE:<\/a>DOUG<\/a>). There were 116 Manhattan luxury home sales in November 2024, the firm said.<\/p>\n Don’t Miss:<\/p>\n Meanwhile, more than half of the contracts signed between Nov. 3-9 were completed after the mayoral election, according<\/a> to Olshan Realty. Additionally, the 19 luxury home contracts signed between Nov. 24-30 was higher than the 10-year Thanksgiving Day-week average of 17 contracts, Olshan Realty said<\/a>.<\/p>\n “There is no Mamdani effect,” Donna Olshan, president and founder of Olshan Realty, told<\/a> Bloomberg. “The idea that people would flee New York was overblown. The numbers just aren’t bearing that out.”<\/p>\n Roughly 34,700 New York City residents had an income of $1 million or more in tax year 2023, according to<\/a> the New York State Department of Taxation and Finance. That’s a small increase from the 34,127 millionaires who lived in the five boroughs in tax year 2022, but a slight drop from the record of 35,881 in 2021.<\/p>\n Trending: Wall Street’s $12B Real Estate Manager Is Opening Its Doors to Individual Investors \u2014 Without the Crowdfunding Middlemen<\/a><\/p>\n Real estate executives and political pundits claimed<\/a> Mamdani’s victory would cause the wealthy New Yorkers to move elsewhere due to his progressive policies, such as implementing a 2% tax on personal income over $1 million.<\/p>\n The recent real estate reports indicate Mamdani’s proposed policies have not deterred high earners, and even more could be on their way.<\/p>\n More than 1,300 contracts for luxury homes have been signed so far this year, according<\/a> to Olshan Realty. Luxury home sales are on track to reach their second-highest year since Olshan Realty started tracking them in 2006, the firm said.<\/p>\n See Also: Arrived Home’s Private Credit Fund\u2019s has historically paid an annualized dividend yield of 8.1%*<\/a>, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum.\u00a0<\/a><\/p>\n What’s more, New York City’s luxury home market increased more than twice the rate of the overall market last month, according to Douglas Elliman.<\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Manhattan…\n","protected":false},"author":2,"featured_media":68184,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[5043,35397,9,24,55,54,56,27452,1491,35396,35395,82],"class_list":["post-68183","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-douglas-elliman","tag-manhattan-luxury-home-sales","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-olshan-realty","tag-real-estate","tag-real-estate-company","tag-signed-contracts","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/68183","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=68183"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/68183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/68184"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=68183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=68183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=68183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}