Florida’s real estate market is seeing a renewed surge as affluent New Yorkers look to relocate following an unexpected political shakeup in the city.
The catalyst? Democratic Socialist Zohran Mamdani’s surprise win over former Governor Andrew Cuomo in the recent Democratic primary.
Mamdani’s platform, which centers on aggressively taxing the ultra-wealthy, has sparked concerns among high-net-worth individuals and business leaders. Realtors report a wave of inquiries from clients looking to exit New York, with Florida—especially South Florida—emerging as a top destination.
Celebrity real estate broker Ryan Serhant told the New York Post that moving clients out of New York is now his top priority.
“Based on the results, clients are going to hold off on making any kind of investment in New York City,” Serhant said.
He and other brokers noted that calls from clients looking to cancel property deals in NYC began almost immediately after Cuomo conceded.
Mamdani’s victory has stirred backlash from billionaires like Bill Ackman and John Catsimatidis, both of whom warned of a mass exodus if the 33-year-old candidate prevailed. Ackman, a hedge fund manager and vocal Mamdani critic, described the result as “disastrous for NYC,” warning that the city’s ability to function depends on maintaining a pro-business, high-income taxpayer base.
Catsimatidis, who owns the Gristedes grocery chain, has even threatened to relocate or sell his New York operations in response to Mamdani’s proposed city-run supermarket initiative.
Meanwhile, Florida Governor Ron DeSantis weighed in on social media, cheekily highlighting the potential windfall for his state’s economy.
“Just when you thought Palm Beach real estate couldn’t go any higher,” DeSantis wrote on X.
Miami-based broker Nathan Zeder echoed the growing momentum.
“The number of lifelong New Yorkers texting me about moving to Florida is close to shocking,” Zeder said.
Zeder’s firm, the Jills Zeder Group, has already sold $1.8 billion in Florida property this year. He predicts interest will soon reach levels last seen during the COVID-19 pandemic.
Wealthy New Yorkers aren’t just eyeing Florida, either. Some are reportedly considering international destinations like Uruguay and Milan if Mamdani wins the general election in November.
Still, Mamdani’s path to the mayor’s office isn’t guaranteed. Incumbent Eric Adams, now running as an independent after leaving the Democratic primary, is reportedly gaining support from business leaders. Some speculate that Cuomo himself may mount an independent bid, though he hasn’t confirmed any plans.
The situation mirrors Buffalo’s 2021 mayoral race, when socialist India Walton lost the general election after winning the Democratic primary. Her opponent, Byron Brown, ultimately retained his seat through a successful write-in campaign.
As uncertainty looms over New York’s political future, Florida’s sunny, tax-free appeal is once again attracting America’s wealthy—and fast.
Source: Daily Mail
