The Mamdani Effect: Wealth Flight and the Future of New York City

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Concerns are mounting over a growing millionaire exodus from New York, as high-net-worth residents eye the suburbs and sunnier states like Florida. Dubbed the “Mamdani Effect,” this trend has real-estate insiders buzzing and state leaders watching closely. Some predict Manhattan could drift toward “museum city” status, with corporate HQs kept for prestige while operations shift to lower-tax, business-friendly hubs like Dallas and Miami. As investors hedge and relocation chatter builds, one question looms: is New York entering a long-term era of economic calcification?

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
The millionaire exodus, millionaire effect. They're calling it many different things.
A lot of concern New York City, whether or not
wealthy residents are going to leave. Starting to hear rumblings
and grumblings. Again. I know a few people, to say

(00:37):
the least. They're involved in real estate in and around
the New York City area, in the suburbs. And yeah,
they're calling it the Mam Donnie effects, and people are
looking to get out. Ron Santas, State of Florida interviewed,
you know, talking about it as well. And you know

(00:58):
what he expects is going to happen here in the
State of Florida. More people moving down here looking to
get out. That's all I can stand. I can't stand
no more. It's a real thing that there's no doubt
about it. You know what I see for the future

(01:20):
of New York City. I think it'll almost become like
a museum city, something like you would see in Europe
once great city of commerce and a myriad of other
things where you know, many companies will still they'll sty'll
still have like their headquarters quote end quote headquarters there

(01:44):
for show, but will operate out of Dallas, operate out
of Miami, operate out of Charlotte, somewhere else. I think
that that trend is going to continue. It just it
makes sense for a lot out of these businesses. And
like I said, you're gonna end up getting like you know,

(02:04):
European city type of a field. I mean, hopefully they'll
clean it up and I'm going to see what's going
to happen when all said and done. But people was
describing me it's almost a calcifying when I think about
it this way, the calcification of New York City. It's
been happening for a while now. We're gonna be opening
up the Dallas Stock Exchange sometime next year much of

(02:29):
the Third Avenue corridor that had you know a ton
of office buildings that were there empty. Yeah, yeah, great.
You got the new JP Morgan headquarters. That's all well
and good, and he's you know, keeping people there, but
he's also got other offices as well. And again I

(02:50):
think you're going to continue to see more and more
people say, you know what, that's it. I'm not going
to bother with it. I'm not going to do with this,
deal with this anymore. I think the concern one as
concern why anybody might rush for the exits on this,
is any sort of retroactive type of tax saying that, oh,
you did live here and then we're gonna come after you.

(03:11):
I don't know how that would be legal. I really don't,
but again, I wouldn't put it past them. But yeah,
from the looks of things, real estate agents in Fairfield County, Connecticut,
Westchester County, New York, Nassau County, New York, Suffolk County,
New York, and yes, Palm Beach County, Florida, many other

(03:32):
places are gonna be grinning. From ear to ear, Watchdog,
and Wall street dot Com