CNBC’s Robert Frank joins 'The Exchange' to discuss the New York City mayoral race impact on the wealthy.

New York

The New York City mayoral race is generating significant interest among the city's wealthy residents, especially after Zoran Mamdani, a Democratic Socialist, secured the Democratic nomination. Mamdani has proposed a 2% income tax on those earning more than a million dollars annually, which would raise the combined city, state, and federal top tax rate for high earners to 53.8%. However, any change to income tax rates would require approval from the state government, and Governor Hochul has expressed reluctance to support measures that could prompt wealthy residents to leave the city.

Despite concerns about potential tax increases and reports of increased interest in Florida real estate, data shows that luxury property sales in Manhattan have risen and New York's population of millionaires has doubled over the past decade. The city remains home to the largest number of ultra-wealthy individuals in the United States, with over 33,000 people worth $30 million or more.

How the NYC mayoral race is impacting the wealthy

Welcome back. The president saying Andrew Cuomo has a good chance of winning the New York City mayoral race Despite losing the primary Cuomo now might run as an independent Some of the city's wealthiest residents are also banding together to try and defeat Zoran Mamdani He's the Democratic Socialist who clinched the Democratic nomination Robert Frank is here with the effects Mamdani could have on New York and the top earners if he is elected Robert Well Kelly if you talk to Florida real estate brokers They say they have seen a surge of interest from wealthy New Yorkers after Mamdani's primary win developers also freezing projects or so they say in New York and Business owners say they're gonna shut down or even leave if taxes go up Mamdani, of course wants to add a 2% income tax on New Yorkers making more than a million dollars a year That would bring the top city rate to five point nine percent would bring the combined city and state rate to sixteen point eight percent You add in the federal that gives high earners in New York City with a top rate of fifty three point eight percent Now Mamdani, of course does not have the power to raise income taxes in New York City that has to come from Albany Governor Hochul saying quote. I don't want to lose any more people to Palm Beach So she's unlikely to support it and despite all the headlines the wealthy are still buying Manhattan real estate even after Mamdani's win 72 contracts have been signed for apartments priced at four million or more since his primary win That's up 13% from last year according to Olson Realty and you get new data from Altreda showing that New York's millionaire population has Doubled in the past decade with just one year of declines that was in 2022 largely because the stock markets not because of out Migration and New York still has the largest population of the ultra wealthy with over 33,000 people worth 30 million or more LA ranked second with a mere 19,000 now for more on how the wealthy are going to navigate a potential New York City mayoral race check out the inside wealth newsletter at CBC.com slash inside wealth a new newsletter out tomorrow with all the facts and figures about wealth Migration over time and what could possibly happen if Mamdani is elected in the general election in November Kelly What are they saying about Cuomo? They think he has a real shot When I talked to business leaders many of whom were at a meeting yesterday with Mamdani at this point They're saying Mamdani is they admit the best candidate He's got a lot of support and the the conventional wisdom is that Mamdani is gonna win this thing But anything could happen. We'll see and if so, I expect a lot more moves on your front Robert. Thanks. Appreciate it

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