Wealthy New Yorkers Flee to Connecticut Amid “Mamdani Effect”
Real estate in parts of Connecticut is booming. Wealthy New York City residents are rushing to buy homes, sparking what brokers call the “Mamdani Effect.” Open houses in Greenwich and other Fairfield County towns are packed. Prices are soaring.
The surge comes after Zohran Mamdani’s mayoral win in New York City. Fears over unsafe buses and economic uncertainty are driving families out of the city.
Greenwich Homes in High Demand
Mary Ann Heaven, a broker for Berkshire Hathaway in Greenwich, expects 50 to 60 parties at one open house this weekend — triple the usual turnout.
“Every lot is desirable now,” she said. “Greenwich is stable, and people feel confident that the changes in New York City won’t reach here.”
Other brokers confirm that affluent couples, mostly ages 30 to 45 with children, are selling city apartments and moving to suburban Fairfield County towns like New Canaan, Stamford, and Norwalk.
A Different Wave of Buyers
Marshall Heaven of M.H. Heaven Real Estate in Greenwich, married to Mary Ann, explains that today’s buyers differ from previous waves.
“These aren’t the ultra-rich who keep Manhattan apartments while buying elsewhere,” he said. “They’re selling their city homes and relocating their families to Greenwich.”
Marshall recently sold a house for $2.5 million, over $500,000 above the asking price, partly due to the Big Apple exodus.
Douglas Healey
The Role of Policy in the Exodus
Some real estate agents link the trend to Mamdani’s free-buses-for-all plan. Critics warn the policy could compromise safety, potentially encouraging crime or endangering children.
John Antretter, a Manhattan and Brooklyn broker, said:
“If parents feel unsafe sending kids on city buses, they’ll move. That’s the main driver.”
Market Experts Call It “Hot”
Dimitry Melnikov, owner of Putnam Design in Cos Cob, describes the Connecticut housing market as “screaming hot.”
“Places are selling far above their value,” he said. “One house went up on Friday, and by Monday morning, it had 90 offers.”
Melnikov added that the surge is unusual and not beneficial for New York City. “I grew up in Belarus; I know socialism. Layering socialism on capitalism won’t work in NYC.”
The Bigger Picture
This migration highlights how policy changes and safety concerns can affect housing markets. Wealthy New Yorkers are reshaping Connecticut’s suburbs, fueling demand and driving prices upward.
Brokers agree: if this trend continues, Fairfield County may face record-high home prices, while NYC experiences a noticeable exodus of middle-aged families.
