New York Real Estate Expert Warns Mayoral Election Will ‘Change Everything’ for Housing—but Insists Residents Shouldn’t ‘Panic’

All eyes are on the Nov. 4 election to decide who will be the next mayor of New York City. The election is on the minds of city residents, investors, and visitors alike—and the common thread is housing.

“If you just look even at politics, everything comes down to real estate,” Suzanne Miller, real estate agent, founder, and president of Empire State Properties, tells Realtor.com®.

Miller has been outspoken about how this is the most important election in New York City history. She hosts a weekly podcast, "The Miller Report," where the movers and shakers of Manhattan real estate share their opinions on the state of housing.

The three candidates—Zohran Mamdani, Andrew Cuomo, and Curtis Sliwa—all have different views when it comes to tackling the city’s housing problem.

“I'm afraid. I have investors all over the world calling me. Things are not selling right now. Everybody's waiting. Myself, I'm waiting,” Miller says.

And she’s been outspoken and passionate about whose policies will not work for the city.

Where the candidates stand

The three candidates agree that affordable housing is an issue that New Yorkers are struggling with.

Mamdani, the front-runner who describes himself as a Democratic Socialist, has proposed a sweeping housing reform plan that includes freezing rents on some apartments.

Cuomo, a Democrat but running as an independent after losing the primary, said if he’s mayor, he’ll put into motion his affordable housing action plan in his first 100 days. That includes tackling the backlog of affordable housing applications and speeding up the construction of affordable housing.

Sliwa, a Republican trailing far behind in third, has shared his seven-point plan, which includes tackling property taxes, zoning, commercial space conversions, and rent control.

Miller has invited all three candidates on her podcast to talk about housing. She said Cuomo and Sliwa sat down with her, but not Mamdani.

“I invited him (Mamdani) several times. We got close, and he didn't want to come,” says Miller.

On Cuomo, Miller says, "This is booming times, and he knows about homes, and he knows about building, and everybody felt very comfortable with him being the leader. And we need the experience now."

Her take on Sliwa: "I love Curtis. He's a very nice man. He tries really hard, but as far as real estate, no candle to Cuomo."

Realtor.com reached out to all three candidates, as well, and heard back only from Sliwa’s campaign, directing us to his website to learn about where he stands on housing in New York City.

Miller says that sales contracts have been “dormant,” but rentals are doing well right now.

“I own a rental company that specializes in short-term rentals, and my business is on fire because everybody wants to be here for a short amount of time,” Miller explains. “Nobody wants to dig in and take permanent homes right now because they don't know what the future is going to be.”

The apprehension comes from Mamdani’s housing vision. Along with his proposal for affordable housing comes a new 2% tax on New Yorkers earning more than $1 million annually. Mamdani's camp has said that it could raise about $4 billion a year.

Looking elsewhere

Real estate agents in neighboring states have said there’s been an uptick of interest from New York City residents looking to move to the suburbs. 

Fox News host Sean Hannity says that could drive away the very residents whose income fuels the city’s budget. Hannity has already left New York for Florida and says there could be a dramatic shift. 

“Because there is going to be a mass exodus out of the state of New York, the likes of which we have never seen,” Hannity said.

Donald Trump Jr. gave his two cents during a Fox & Friends appearance, saying Mamdani's progressive platform and housing proposals would accelerate an economic unraveling already underway.

“You hate to see New York, the birthplace of Wall Street ... go down in flames, but perhaps that's the lesson we all have to see," Trump said. That potential collapse might serve as a warning to the rest of the nation.

“If the rest of the country watches New York fail—and I believe it will—under these disastrous ideas, maybe that’s what we need to stop the spread of this disease," Trump added.

Miller is seeing the so-to-speak concern or panic from some of her clients. She says people who live in New York City want to feel safe and people who visit want to feel safe, too. 

"I probably get on a daily basis between 10 and 15 phone calls a day for my sellers, because I have sellers from all over the world—from Dubai to China to India to Israel. They all call and say, 'What's really going on? Is it time to sell? Can I sell?' And I tell everybody: Do not sell. Do not panic. Just let's wait. We've got time," Miller says.

But she feels the demographic that would get hurt the most if Mamdani is elected is the middle class.

The wealthy "have no problem leaving. Those people will make homes for themselves in Florida and Texas and wherever they have to be. They'll leave. They have the money to leave," notes Miller.

"The ones that will be stuck here, the middle class, and then their housing is going to go up. The prices are going to go up, because if you have less supply, you'll have a higher price. And those are the people that are going to get hurt."