Contrary to mayor-elect Zohran Mamdani’s promise to bring the price of rent and real estate down, agents I’ve spoken with say they expect prices to soar in the coming years.

“Inventory pushes prices down so if Mamdani puts a stop to development, as he has promised, prices will go up,” one real estate source who spoke on the condition of anonymity told me. “We are also going to see a lot more foreign investment, particularly from the Middle East.”

That combination of more money chasing fewer apartments will result in higher prices, so much so that the source is advising clients to hang on to their properties, even if they’re fleeing the city — or at least considering doing so — in the wake of Tuesday’s elections. Many are concerned about rising antisemitism and Mamdani’s views on Israel.

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