Actual property specialists Dolly and Jenny Lenz unpack the most recent actual property tendencies and the state of the housing market on ‘The Claman Countdown.’
Actual property specialists are sounding the alarm over what might occur to New York Metropolis townhouse homeowners if mayoral candidate Zohran Mamdani wins the election.
The self-described “Democratic socialist” has taken the town by storm with a housing platform that features a hire freeze and better taxes on high earners. The so-called “Mamdani Impact” has rippled via the town since his marketing campaign started, with Manhattan’s suburban housing markets seeing a surge in demand.
“Everyone is gearing up for sellers of townhouses, specifically,” Dolly Lenz, CEO of Dolly Lenz Actual Property, mentioned Tuesday on “The Claman Countdown.” “Think about you personal a townhouse in New York. … He says he’s going to cut back police. You don’t need to be in a townhouse. You need to be in a doorman constructing, proper? So that could be a downside.”
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New York Metropolis mayoral candidate Zohran Mamdani speaks throughout a ‘New York is Not For Sale’ rally at Forest Hills Stadium on Oct. 26, 2025, within the Queens borough of New York Metropolis. (Stephani Spindel/VIEWpress / Getty Pictures)
Jenny Lenz, managing director at Dolly Lenz Actual Property, defined that buyers are “a bit hesitant proper now” and opting to hire as a substitute of purchase whereas ready to see what’s subsequent.
Mamdani’s marketing campaign has centered on affordability and redistribution of wealth — concepts which have resonated with some New Yorkers, in keeping with earlier experiences. The Lenz mother-daughter duo famous that affordability stays a high challenge for People as residence costs proceed to rise in comparison with pre-COVID ranges.
“We’re 53% increased. That could be a staggering quantity,” Jenny mentioned. “We’ve had 27 straight months of worth will increase, and the median residence worth is about $415,000 now. In order that’s actually the difficulty, proper? However on the similar time, like we mentioned, mortgage charges are coming down. So, we’re seeing our mates and shoppers dip their toes again into the market, which is tremendous thrilling.”
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People “voting with their toes” has reshaped the housing market as blue states rebound in actual property.
“It’s as a result of all people fled, all people’s coming again, and costs have bottomed,” Dolly informed FOX Enterprise. “So, you’re anywhere like New York — pricing has bottomed. Taking a look at Florida, Florida’s costly. So, there’s not as a lot transaction quantity; nonetheless, costs stay very excessive.”
Democratic mayoral nominee Zohran Mamdani speaks throughout a mayoral debate at Rockefeller Middle forward of the election. (Angelina Katsanis-Pool/Getty Pictures / Getty Pictures)
Jenny added that areas the place People as soon as fled are “not doing properly” as a result of many residents have since returned.
“Builders went down there — to Florida, to Texas — and constructed and constructed and constructed, possibly a bit an excessive amount of,” she mentioned. “Now, persons are transferring again. So, you’re seeing extra offers in these markets, besides in areas with very restricted provide, like Palm Seashore.”
Different customers, the specialists mentioned, are attempting to steadiness each experiences — residing in Florida and New York — by downsizing one residence and shopping for one other.
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Zohran Mamdani, New York Metropolis mayoral candidate, throughout a marketing campaign occasion at Forest Hills Stadium within the Queens borough of New York, US, on Sunday, Oct. 26, 2025. (Victor J. Blue/Bloomberg by way of Getty Pictures / Getty Pictures)
As first-time homebuyers reenter the market, actual property specialists say a Federal Reserve price minimize would assist.
“Any mortgage discount is welcome, clearly, and a Fed price minimize is welcome,” Dolly mentioned. “I’ve information for Jerome Powell: Kindly, please make it two this yr. We’d like it, and it’s good for the economic system, it’s going to be good for everybody. It trickles down all through the system.”
