NYC Exodus: Luxury Real Estate Surge

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Following the November 2024 New York City mayoral election, South Florida’s luxury real estate market has seen a substantial increase in high-value transactions. This development is linked to a rising number of high-net-worth individuals and business owners relocating from New York, citing concerns over potential changes in fiscal policy and regulatory environments in NYC. Developers in South Florida have reported over $100 million in new real estate contracts, marking a significant increase in market activity.

Story Highlights:

A notable migration of high-net-worth individuals and business owners from New York City to Florida has occurred following the November 2024 mayoral election.
South Florida developers confirm a surge in luxury real estate contracts, exceeding $100 million in recent transactions.
Factors driving the relocation include Florida’s lack of state income tax and lower property taxes, offering a perceived more stable economic and regulatory environment.
New Yorkers relocating cite concerns related to proposed tax increases, increased regulation, and public safety issues in New York City.

Migration Trends Following NYC Election

Real estate firms in South Florida, primarily in the Miami area, have documented a substantial rise in high-value property acquisitions by New Yorkers. Isaac Toledano, CEO of BH Group in Miami, confirmed that recent contracts, totaling over $100 million, represent a volume approximately double that of the previous year. This influx of buyers is reported to consist of business owners and corporate leaders, not solely retirees, who are seeking environments with different economic and political climates for their families and investments. The migration accelerated after the election of Mayor Zohran Mamdani, whose campaign included proposals for higher taxes and social justice reforms.

SUNSHINE STATE SURGE: Election fears spark a $100M+ Florida real estate boom as nervous New Yorkers bolt ahead of Mayor-elect Mamdani’s swearing-in.

“This unknown in what’s coming, and the fact that Mamdani said loud and clear what he’s going to do and what he believes is the… pic.twitter.com/0jZY8kd9m8

— Fox News (@FoxNews) November 5, 2025

Florida’s Economic and Regulatory Environment

Florida’s established economic incentives, which include no state income tax and lower property taxes, continue to be a primary draw for residents moving from states like New York. While the COVID-19 pandemic had previously accelerated the relocation trend, the recent election outcome has reignited it. Industry professionals, such as Phil Gutman of Continuum Realty, anticipate a continued increase in movement, noting that New York’s highest earners contribute a significant percentage of city taxes but possess the mobility to relocate to states with different fiscal structures.

Motivations for Relocation

New Yorkers relocating to Florida frequently state concerns over changes to the tax structure, regulatory environment, and quality of life factors, including public safety, as key motivations for their decision. As the platform of the new NYC administration advances, affluent families and business owners have reportedly made swift decisions regarding the protection of their assets and lifestyle. Developers like BH Group, Continuum Realty, and Property Markets Group are experiencing high demand for luxury residences.

Economic Impact and Context

This migration has an immediate and tangible economic effect on both regions. South Florida’s luxury real estate market is experiencing a significant boom, attracting capital and businesses seeking a different tax and regulatory structure.

Providing context on the longer-term trend, data from the Citizen Budget Commission indicates that between 2017 and 2022, over 125,000 New Yorkers moved to Florida, resulting in a reported $13.8 billion decrease in annual income for NYC. Market analysts generally agree that the policy direction in New York City is a significant variable fueling the current increase in relocation. Isaac Toledano stated the election “accelerated how people make decisions,” as families and business owners “are nervous for what’s coming.” Kevin Maloney, CEO of Property Markets Group, notes the current pattern is similar to the migration surge seen during the pandemic but is now driven by concerns related to governance and security.

Watch the report: Miami realtors brace for potential influx of New Yorkers if Zohran Mamdani wins NYC mayor’s race