Wealthy New Yorkers are increasingly eyeing Florida real estate following Zohran Mamdani’s primary win for New York City mayor. This shift is driven by concerns over his progressive policies, including proposed tax hikes and rent freezes, leading to a significant surge in inquiries and property value predictions in Florida.
Wealthy New Yorkers Flock to Florida Post-Mamdani Win
Zohran Mamdani’s victory in the Democratic primary for New York City mayor has sent ripples through the real estate market, particularly among the city’s affluent. His platform, which includes a citywide rent freeze, increased corporate taxes, and higher taxes on the wealthy, has prompted many high-net-worth individuals to explore relocation options.
- Real estate inquiries from New York to Florida have surged by as much as 50% in the week following Mamdani’s primary win.
- Luxury real estate brokers report clients reconsidering New York investments and actively seeking properties in Florida.
- This trend is reminiscent of previous migration waves, notably during the COVID-19 pandemic, as New Yorkers seek tax advantages, stability, and a perceived higher quality of life.
Florida’s Anticipated Real Estate Boom
Florida, long a favored destination for New Yorkers, is poised for a significant real estate boom. Governor Ron DeSantis and other Florida officials have openly welcomed the potential influx, predicting a substantial increase in property values.
- Governor Ron DeSantis quipped that Palm Beach property values would "skyrocket" if Mamdani wins the general election, citing his socialist policies as a driving factor for exodus.
- Miami Mayor Philip Levine suggested Florida should fund Mamdani’s campaign due to the economic benefits his victory could bring to the state.
- Florida Council of 100, a business leader organization, has actively invited New York CEOs to relocate their operations to Florida, emphasizing the state’s business-friendly environment.
Concerns Over Mamdani’s Policies
Wealthy New Yorkers and business leaders express significant apprehension regarding the potential impact of Mamdani’s proposed policies:
- Tax Increases: Plans to raise the corporate tax rate to 11.5% and implement a 2% flat tax on incomes above $1 million are major concerns.
- Rent Freeze: A proposed freeze on rent prices for over 2 million rent-stabilized apartments has alarmed landlords and property owners.
- Increased Regulation: Fears of growing regulatory uncertainty and increased operating expenses are prompting some to sell their New York properties.
The "Sixth Borough" Phenomenon
South Florida has increasingly been dubbed "New York City’s sixth borough" due to the consistent migration of high-net-worth individuals. This trend, accelerated by factors like the pandemic and now political shifts, highlights Florida’s appeal as a low-tax alternative with a more relaxed regulatory environment.
- Boca Raton, in particular, is gaining recognition as "Wall Street South," attracting major banking and financial services firms.
- New York remains the top "feeder market" for Miami-Dade County, with migration up 23% from pre-pandemic levels.
While some New York real estate professionals believe the city’s resilience will prevail, the immediate impact of Mamdani’s primary win is a clear acceleration of wealthy New Yorkers considering a move to the Sunshine State.
Sources
- Ron DeSantis predicts massive Florida property value rise if NYC Dem mayoral candidate wins, Fox News.
- Wealthy New Yorkers eye Florida real estate after Mamdani’s primary win, Fox Business.
- Mamdani critics might leave New York for Florida, real estate leaders say, Axios.
- Florida Trying To Lure NYC Business Leaders After Mamdani’s Victory, Newsweek.
- Luxury real estate brokers say wealthy New Yorkers are already looking to flee after Zohran Mamdani’s primary
win, New York Post.