Within minutes of Zohran Mamdani clinching the Democratic nomination Tuesday night, real estate agents like Ryan Serhant were flooded with calls from clients looking to walk away from deals to buy apartments in NYC.

Worries about higher taxes for companies and ultrawealthy people and more regulations is hurting the stocks of some New York-focused real-estate investment trusts.

New York City real estate stocks are lagging on Wednesday as Democratic Socialist candidate for city mayor Zohran Mamdani was projected to win the race. Mamdani, a New York State Representative, has vowed to focus on residents’ affordability concerns,