NOVEMBER IN NEW YORK: REALITY MEETS PROMISES
New York’s mayoral election has become a global headline, and like all elections, it is filled with big promises and ambitious ideas. Grand visions may win votes, but meaningful progress in a city like New York requires patience, partnership, and a clear understanding of reality.
Affordability remains the defining issue of this market cycle. Costs continue to rise across every category, from materials and labor to taxes and insurance, driven largely by federal and macroeconomic pressures rather than local policy. New York’s inflation rate is hovering around 3.2 percent, still above the preferred two percent target. That alone makes it difficult for any new mayor to balance optimism with economic restraint.
Developers, who are essential to solving the housing shortage, are rethinking where and what they build. Some of the city’s largest players, including Related, are now directing resources toward data centers, which deliver faster returns and fewer regulatory delays than residential projects.
To address housing affordability in a meaningful way, three priorities must align:
- Incentives for developers to build where it is harder, slower, and more expensive instead of choosing faster, easier projects elsewhere.
- Simplified approvals and zoning because lengthy reviews and outdated regulations add years and millions to project costs.
- Labor efficiency and balance which is difficult to achieve when labor accounts for 40 to 60 percent of total construction expenses.
Progress will not happen overnight. From the purchase of land to the delivery of finished homes, even the fastest developments take two to three years. Any major impact from a new administration’s housing policies will likely not be felt until 2027 or later.
New Yorkers are famously impatient. We want results now. But real estate moves on its own clock, and the city rewards those who understand that timing.
THE LONG GAME...WHY NOVEMBER MATTERS: The final months of the year often separate the strategic from the reactive. Sellers who bring their properties to market in November tend to be serious, and buyers who act now benefit from lower competition, quicker negotiations, and motivated sellers eager to close before year-end.
Mortgage rates remain higher than most would like, but they are beginning to ease. Smart buyers are remembering that a rate can be refinanced, but a purchase price cannot. As borrowing costs continue to decline into 2026, confidence will rise, competition will return, and today’s disciplined buyers will look like visionaries.
LOOKING AHEAD: At the Germany + Sears Team, we view November as the setup month; the time to prepare, plan, and position for Q1 2026. Whether that means readying a property for a February launch or identifying opportunities before the next uptick in demand, now is the moment to act deliberately.
If you are thinking about buying or selling before Spring, let’s connect. I am happy to stop by, review your goals, or meet for coffee to talk strategy and timing.
New York has weathered every cycle, every headline, and every wave of uncertainty. It always finds a way forward. The city does not pause; it pivots. Those who prepare now will benefit most when the next cycle begins.
All My Best--Gerald
Germany + Sears Team | Compass
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All best--Gerald Germany
