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Daily Tax Report: State

NYC’s Wealthiest Flocking to Florida Even While Covid Rages (1)

July 31, 2020, 6:30 PM

Lavish Florida retreats were a popular escape for rich New Yorkers riding out the Covid-19 lockdown. Now, many are rushing to make things more permanent even while the virus surges in the Sunshine State.

Sellers in places like Miami and Palm Beach are getting flooded with offers, and the supply of available properties is plunging. Florida’s favorable tax laws have long been a draw for high-net-worth individuals, but the pandemic’s disruptions -- to work, school, public safety and northern states’ budgets -- have increased the allure, pushing many of the wealthiest to finally make good on aspirations to relocate.

“What...

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