After much bluster, the rich haven’t fled

Amagansett, L.I.: Despite the hyperbolic predictions, there has been very little wealth flight under Mayor Mamdani despite the newly enacted pied-à-terre tax on $5 million second homes. New York City has far more billionaires and multimillionaires now than it did under any other mayor. This new 1% tax is not discouraging the ultra-wealthy.

The city is home to a staggering 123 billionaires. They represent the most exclusive private club in the world, worth a combined $759 billion. In 2024, the city gained 15 new billionaires and lost only two. But the official figures are only the tip of an unseen iceberg. Real estate experts estimate that another 200 to 300 billionaires have some kind of residence in the city.

The luxury tier of Manhattan’s real estate market is running hotter than ever. Sales above $20 million rose sharply in 2026, climbing 25% year over year, while activity in the $10-$20 million segment increased by 38.6%.

The wealthy remain in New York because of their proximity to other wealthy, creative and powerful people, as well as the dynamism that results from that concentration. New York is the most exclusive private club in the world. To be a player in New York is to be a player on the world stage.

Malverne, L.I.: Re “Mamdani’s anti-Israel rhetoric fuels antisemitism” (editorial, Sept. 27): You claim that “Mamdani seems to be among the many who forget… the war in Gaza started with a horrific terror assault against Jews on Oct. 7, 2023.” This premise is fundamentally false. The war did not start in 2023, and ignoring the preexisting context of the occupation and the entire region is a........

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