Several months ago, some New York elites were worried that if the democratic socialist Mamdani became the next mayor, they might have to pack up and leave New York, because Mamdani advocated for stronger eviction protections and rent freezes, as well as a 2% surcharge on income tax for residents earning over $1 million annually. However, after Mamdani was elected mayor of New York, the opposite happened, with Manhattan mansion buyers rapidly increasing. According to the latest data from real estate agencies, the number of signed transactions for properties priced at $4 million or more in Manhattan rose to 176 in November, an increase of 25% from 141 in October, more than twice the growth rate of the overall market. The "Mamdani Effect" did not occur because high-income individuals had many reasons to come to or stay in New York. In 2024, Wall Street bonuses reached their highest level since 1987, a result of a strong market. It is expected that Wall Street will perform even better this year, with bonuses for investment bankers, traders, and wealth management professionals possibly increasing by as much as 25%. On the other hand, if New York's taxes on the wealthy are locked at the levels announced by Mamdani, they may be far lower than some billionaires' potential tax rates in this left-leaning region. Instead, Mamdani has actually given many people a sense of security.
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Original: toutiao.com/article/1850738851448842/
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