Florida housing market on fire again after shock election result is driving millionaires out of city
Florida 's housing market is set to receive a boost from rich New Yorkers who are fleeing the city following socialist Zohran Mamdani's shock win in the Democratic primary.
Realtors say they have already been inundated by calls from wealthy clients seeking to relocate to the Sunshine State after Mamdani's surprise victory.
Mamdani handily defeated former New York Governor Andrew Cuomo in Tuesday's election on a platform of taxing the super rich.
Prior to the result, billionaires Bill Ackman and John Catsimatidis warned that the 33-year-old upstart's victory could lead to an exodus of the wealthy, with Catsimatidis vowing to shutter his chain of grocery stores.
Now celebrity real estate broker Ryan Serhant has revealed to the New York Post that his number one job following Mamdani's win will be, 'moving people from New York to Florida. Again.'
'Based on the results, clients are going to hold off on making any kind of investment in New York City,' Serhant said.
Minutes after Cuomo's concession, Serhant and other real estate agents told the Post they were flooded with calls from clients who wanted to walk away from deals to buy in the Big Apple.
Florida Governor Ron DeSantis also cheekily acknowledged the potential upside for his state after a poll emerged which showed that Mamdani surging ahead.
'Just when you thought Palm Beach real estate couldn't go any higher,' wrote on X.
Florida has long been a haven for the ultra rich thanks to the absence of any income tax.
But now New York-based venture capitalists, founders and bankers are even reportedly looking at distant getaways like Uruguay and Milan if Mamdani wins the general mayoral election in November.
Ackman, a hedge fund manager who supported President Donald Trump, has become one of the loudest voices decrying Mamdani's upset victory.
Ackman, like other billionaires, say Mamdani's policies will lead to capital flight of epic proportions.
'His policies would be disastrous for NYC. Socialism has no place in the economic capital of our country,' Ackman wrote in a long post on X early Thursday morning.
'The ability for NYC to offer services for the poor and needy, let alone the average New Yorker, is entirely dependent on NYC being a business-friendly environment and a place where wealthy residents are willing to spend 183 days and assume the associated tax burden,' he added.
Billionaire John Catsimatidis threatened to relocate or sell his New York City-based supermarket chain Gristedes in the event Mamdani won in response to his plans to create city-run grocery stores.
Now that Mamdani's victory is nearly assured - the results won't be officially confirmed until July 1 due to the city's ranked choice voting system - Florida real estate agents are seeing a surge in interest.
'The amount of lifelong New Yorkers texting me [about a move to Florida] is close to shocking,' Nathan Zeder, a broker who works at the Jills Zeder Group, told the Post.
The real estate group, based in Fort Lauderdale, has sold about $1.8 billion worth in property in Florida so far this year.
'People are frightened and over the next three to four months we're going to see a lot of people consider South Florida again - it's going to be a COVID level of interest,' Zeder said. 'These are people who can afford to move with relative ease.'
Serhant doesn't believe it's a foregone conclusion that Mamdani will ascend to the mayor's office, as there is a monied coalition forming that is expected to support incumbent Mayor Eric Adams.
Following his corruption charges that were later dropped by the Trump administration, Adams found it to be untenable to run as a Democrat.
He dropped out of the primary race in April and chose to run for another term as an independent.
'We'll see what happens now - you're going to see the real estate and investment community back Adams,' Serhant said.
'People are frightened and over the next three to four months we're going to see a lot of people consider South Florida again - it's going to be a COVID level of interest,' Zeder said
There is also the question of whether Cuomo will decide to mount an independent campaign himself, something he has not ruled out.
If Mamdani were to be defeated in the general election, it could resemble what happened in 2021 to India Walton, a socialist candidate who defeated centrist Byron Brown in the Democratic primary for Buffalo mayor.
Months later, Walton lost the general to Brown, who initiated a successful write-in campaign.
While New York City figures out its future, Serhant pointed out that, 'there are plenty of other places to live' and that his agents in the Sun Belt have been busy since Mamdani's win.
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