Part 2/12:
Luxury real estate agent Ryan Serhant highlights this trend, noting that his top priority has become assisting clients in moving out of New York. Many potential buyers are hesitant to invest in the New York housing market, signaling a decline in confidence and affordability. The so-called "Mandani migration"—a term coined for the mass departure—reflects broader dissatisfaction and fear of future instability.
Impact on Property Values and Market Dynamics
This year's exodus has caused property values in New York to plummet, creating a buyer’s market where homes sell for less than their previous worth. The situation is especially dire for those who intended to invest or sell property but now face the shadow of a saturated market.