Story perspectives

NYC Exodus: Billionaires and Residents Flee Rising Taxes

11/11/2025

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Summary

Story summary

Barry Sternlicht, billionaire whose firm is Starwood Capital Group, may leave New York City after Mayor Zohran Mamdani's election due to eviction protections and tax increases.
Manhattan residents seek homes in Westchester County to escape Mamdani's tax hikes.
Realtors report a surge in inquiries, with bidding wars for homes in Westchester and Greenwich, Connecticut.
The trend reflects concerns about public safety and economic policies under Mamdani.

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Story summary

Barry Sternlicht, billionaire whose firm is Starwood Capital Group, may leave New York City after Mayor Zohran Mamdani's election due to eviction protections and tax increases.
Manhattan residents seek homes in Westchester County to escape Mamdani's tax hikes.
Realtors report a surge in inquiries, with bidding wars for homes in Westchester and Greenwich, Connecticut.
The trend reflects concerns about public safety and economic policies under Mamdani.