Actual property specialists Dolly and Jenny Lenz unpack the most recent actual property traits and the state of the housing market on ‘The Claman Countdown.’
Actual property specialists are sounding the alarm over what may 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 by way of the town since his marketing campaign started, with Manhattan’s suburban housing markets seeing a surge in demand.
“All people is gearing up for sellers of townhouses, specifically,” Dolly Lenz, CEO of Dolly Lenz Actual Property, stated Tuesday on “The Claman Countdown.” “Think about you personal a townhouse in New York. … He says he’s going to scale back police. You don’t wish to be in a townhouse. You wish to be in a doorman constructing, proper? So that may be a downside.”
NYC MAYORAL CANDIDATE MAMDANI DOUBLES DOWN ON SOCIALIST POLICIES SUCH AS FREE BUSES, UNIVERSAL CHILDCARE
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 Photographs)
Jenny Lenz, managing director at Dolly Lenz Actual Property, defined that customers are “a little bit hesitant proper now” and opting to hire as an alternative 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, based on earlier reviews. The Lenz mother-daughter duo famous that affordability stays a high difficulty for People as house costs proceed to rise in comparison with pre-COVID ranges.
“We’re 53% larger. That may be a staggering quantity,” Jenny stated. “We’ve had 27 straight months of value will increase, and the median house value is about $415,000 now. In order that’s actually the difficulty, proper? However on the identical time, like we stated, mortgage charges are coming down. So, we’re seeing our pals and purchasers dip their toes again into the market, which is tremendous thrilling.”
People “voting with their ft” 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 advised FOX Enterprise. “So, you’re anyplace like New York — pricing has bottomed. Taking a look at Florida, Florida’s costly. So, there’s not as a lot transaction quantity; nevertheless, 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 Photographs / Getty Photographs)
Jenny added that areas the place People as soon as fled are “not doing effectively” as a result of many residents have since returned.
“Builders went down there — to Florida, to Texas — and constructed and constructed and constructed, perhaps a little bit an excessive amount of,” she stated. “Now, individuals are transferring again. So, you’re seeing extra offers in these markets, besides in areas with very restricted provide, like Palm Seaside.”
Different customers, the specialists stated, are attempting to steadiness each experiences — dwelling in Florida and New York — by downsizing one house and shopping for one other.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
As first-time homebuyers reenter the market, actual property specialists say a Federal Reserve charge lower would assist.
“Any mortgage discount is welcome, clearly, and a Fed charge lower is welcome,” Dolly stated. “I’ve information for Jerome Powell: Kindly, please make it two this 12 months. We’d like it, and it’s good for the financial system, it’s going to be good for everybody. It trickles down right through the system.”