Zohran Mamdani's win fueled a spike in the desire for upscale residences in Miami, with applications soaring by 166%.
Miami real estate agents are noting heightened interest from affluent New Yorkers, with requests for high-end condos climbing 166% following the triumph of Mayor-elect Zohran Mamdani.
Agencies are terming it the “Mamdani effect” – an abrupt rise in the pursuit of luxurious properties in Florida.
The hottest area is Billionaire's Beach, a prestigious section of shoreline in South Beach that extends from 14th Street to 21st Street along Collins Avenue. This is the site of the Ritz-Carlton Residences, where one-bedroom units commence at $8.6 million, while penthouses boasting private pools reach $69 million.
Additional developments, such as Perigon, where two-bedroom apartments begin at $12.5 million and rise to $70 million, are likewise reporting a substantial influx of purchasers from New York City. Developers state that the surge in interest became “exponential” immediately following the announcement of the election results.
The cause is Mamdani's initiatives to elevate the tax on earnings exceeding $1 million from 3.9% to 5.9%, which, when paired with the state tax, would bring the tax burden to almost 17%—the steepest in the nation. He also aims to boost the corporate tax to 11.5%, almost doubling the existing rate.
Economists caution that the departure of prosperous inhabitants could severely affect the city's budget. Presently, the top 1% of New Yorkers generate upwards of 48% of all income tax receipts. Concurrently, the proportion of millionaires in the city is diminishing: from 6.5% in 2010 to 4.2% in 2022.
The extensive relocation to Florida has been ongoing for some time: more than 72,000 New Yorkers relocated there in 2023 alone, and close to $9.5 billion in income moved from New York to Florida in 2021.
Now real estate agents are assured that this movement will intensify even further from January 1, when Mamdani assumes office.
