Why I'm Optimistic About the Trump Meeting with Mamdani Being Good News for NYC

The Weekly Recap

Good morning and happy Friday! The Mamdani Effect on NYC real estate was a no show as luxury home sales in Manhattan jumped in November with 176 contracts signed over $4 million. Rents keep dropping nationwide as inventory continues to increase, Trump says he has a new Fed Chair in mind that he will announce in the coming months. New York has ‘golden handcuffs’ and the nightmare known as SantaCon is next weekend so prepare in advance.

Hope everyone had safe travels and an excellent Thanksgiving weekend!

Why I’m Optimistic About the Trump Meeting with Mamdani Being Good News For NYC

Maybe its an exercise of keeping your friends close and your enemies closer, but the recent meeting between President Trump and Mayor-elect Zohran Mamdani should make all New Yorkers feel better regardless of political affiliation. Instead of the clash many expected, both came out of the meeting calling it “productive,” with Trump even saying, “the better he does, the happier I am.” For a city that thrives on big personalities and even bigger opinions, seeing these two find common ground was a refreshing change of pace and a surprisingly positive signal for NYC’s future.

Their conversation centered on issues every New Yorker can relate to: rent, groceries, utilities, and the ever-rising cost of simply existing in this city. If federal and city leadership manage to collaborate, even just a little, on affordability and public safety, that could translate into a healthier, more stable environment for the real-estate market. When political temperature cools, confidence tends to warm up, and that’s good news for buyers, sellers, and investors looking for long-term clarity.

Of course, no one expects perfect alignment overnight, but the tone alone matters. A friendly handshake between Washington and City Hall gives the market a sense of calm and shows that progress doesn’t always have to be dramatic to be meaningful. If this spirit of cooperation continues, New Yorkers might just see a city that feels a bit more manageable, a bit more affordable, and a lot more optimistic, qualities that strengthen both our communities and our real estate landscape.

As with any outcome fueled by doomsday predictions and dramatic warnings, the reality has been far more measured. In the immediate aftermath of Mamdani’s win, there’s been no mass exodus of New Yorkers rushing for the exits and there’s been an increase in luxury home purchases. The early signs of collaboration between federal and local leadership suggest that the partnership we all depend on is off to a promising start.

Market Performance

Here are how some other indexes and asset classes have performed as of this morning’s opening bell.

NYC Market Update

Here is a view of NYC market activity over the past week.

Mortgage Rate Update

Mortgage rates decreased for the second straight week coming out of the Thanksgiving holiday. Compared to this time last year, mortgage rates are half a percent lower, creating a more favorable environment for homebuyers and homeowners.

News You Can Use

• Manhattan Luxury Apartment Market Surges In Month After Mamdani’s Win Bloomberg

• Office-to-Residential Conversions Are Booming and New York is the Epicenter Wall Street Journal

• Apartment Rents Drop Further, With Vacancies at Record High CNBC

• Megadeals Hit Record As Wall Street’s Animal Spirits Roar Back Financial Times

• The Fed Has Rarely Been So Divided Over Its Long-Term Plan for Interest Rates Bloomberg

• Corporate Dealmaking is Getting Bigger and Bolder Under Trump Wall Street Journal

• NY, Trump Administration in Talks on Resuming Paused Transit Funds Bloomberg

• Bessent under Discussion to Also Lead National Economic Council Bloomberg

• Trump Said He Has Made His Choice to Lead the Federal Reserve Bloomberg

• New York’s Golden Handcuffs: Why the City has a Special Hold On the Rich Bloomberg

• Bitcoin Logs its Worst Day Since March CNBC

• Steve Cohen, Bally’s, Genting Picked to Run Casinos in NYC Bloomberg

• SantaCon Wasn’t Always A Drunken NYC Nightmare Gothamist

The Deep Insight

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