Florida may be the unexpected beneficiary of New York City’s recent mayoral primary, where progressive candidate Zohran Mamdani emerged victorious.
The win has prompted a surge of interest from investors and business leaders looking south, worried about Mamdani’s left-leaning policies and their potential impact on New York’s business climate.
A Surge In Real Estate Interest
Real estate experts in South Florida say the response from high-net-worth New Yorkers was immediate.
Isaac Toledano, CEO and Co-founder of BH Group, a leading luxury developer in South Florida, told Newsweek his firm saw “a spike in serious inquiries” just one day after Mamdani’s win. Prospective buyers from Manhattan and Connecticut inquired about high-end developments, including the Ritz-Carlton Residences in West Palm Beach.
Alfredo Pujol, chair-elect of the Miami Association of Realtors, echoed this sentiment, noting that the region has already seen consistent interest from New Yorkers—but that political uncertainty often accelerates relocation decisions.
“Mamdani’s victory seems to have pushed some on-the-fence investors to move more quickly,” said Peggy Olin, CEO of OneWorld Properties, which leads marketing for several major South Florida luxury towers. “People are asking detailed questions about taxes, timing, and long-term quality of life.”
Political Winds Driving Migration
Reactions to Mamdani’s victory have been swift across Florida’s political and business circles. Miami real estate developer
Alex Witkoff tweeted, “Time to move to Miami,” while Governor Ron DeSantis wrote, “Just when you thought Palm Beach real estate couldn’t go any higher.”
Miami Mayor Philip Levine went so far as to suggest Florida “should pay for Mamdani’s campaign” due to the economic windfall it could bring the state.
The Florida Council of 100—a non-partisan group of business leaders who advise the governor—sent a letter to New York CEOs urging them to relocate to the Sunshine State.
“New York’s future feels increasingly uncertain—an unacceptable risk for business leaders,” the letter read. “Florida offers a better path. Here, government is a partner in growth, not a barrier.”
Real Concerns For NYC Landlords
Among the chief concerns for wealthy investors and landlords is Mamdani’s proposed tax reforms, which include raising taxes on affluent neighborhoods and implementing a rent freeze affecting over two million residents.
Jay Batra, principal of Batra Real Estate, which operates in both NYC and Miami, said the rent freeze plan has alarmed many property owners
“With high taxes and operating costs, it’s already tough. If landlords can’t adjust rents, it becomes unsustainable,” Batra said. “Many are now exploring out-of-state investments.”
Florida: NYC’s ‘Sixth Borough’
John Boyd, head of corporate site selection firm The Boyd Co., called Mamdani’s win “the latest shoe to drop in New York,” referencing a broader trend of economic and political instability in the city. From rising crime to growing tax burdens and congestion pricing, Boyd said more businesses are turning to Florida for relief.
South Florida, he noted, is increasingly referred to as “New York City’s sixth borough” due to the steady migration of residents and companies. Boca Raton has become a new hub for financial firms, earning the nickname “Wall Street South,” thanks to the presence of heavyweights like Colony Capital, Wealthspire Advisors, and billionaire investor Leon Cooperman.
The Miami Association of Realtors reports that migration from New York is up 23% compared to pre-pandemic levels, with NYC still the number one out-of-state source of new residents for Miami-Dade County.
Investors Won’t Wait For November
While Mamdani’s general election bid is still months away, some believe the impact is already being felt.
“I don’t think people will wait until November to decide,” said OneWorld’s Olin. “For many, this isn’t a reactionary move—it’s a strategic choice for the next chapter. And Florida checks a lot of those boxes.”
Boyd agrees, noting that his firm has never seen this level of interest from companies looking to exit New York.
“The idea of a socialist mayor running the financial capital of the world was once unthinkable. Now, it’s driving real action,” said Boyd.
Still, he acknowledged that some firms will stay put.
“There are institutions so deeply rooted in New York that they won’t leave. But for many others, especially those on the fence, Mamdani’s rise might be the final push,” said Boyd.
Source: Newsweek
