Real estate experts Dolly Lenz and her daughter Jenny Lenz have joined ‘Fox & Friends First’ to offer insights into the growing trend of Wall Street firms relocating from New York following Zohran Mamdani’s decisive victory in the recent elections. The duo has emphasized that Mamdani’s socialist policies, particularly those related to housing regulations and taxes, are driving a significant number of financial institutions to seek more favorable business environments elsewhere in the United States.
The Lenzes have pointed out that the impact of Mamdani’s policies is not limited to New York. They argue that the state’s restrictive regulations and rising costs are pushing New Yorkers to consider relocation options, particularly in states like Florida and Texas, where the housing markets have shown greater resilience and growth potential. This exodus is seen as a direct response to the changing political and economic outlook in New York, which is now perceived as less attractive for commercial ventures and high-income individuals.
As the Lenzes explain, the mass migration of financial firms from New York is part of a broader trend of businesses and individuals seeking more politically and economically aligned environments. With Mamdani’s victory signaling a shift towards more progressive governance, the financial sector’s movement away from the state underscores concerns about regulatory burdens and economic freedom. This development is expected to have long-term implications for both the New York real estate market and the broader financial landscape across the nation.