Rich Californians Fleeing Wealth Tax Snap Up Florida Real Estate (1)

Miami real estate brokers spent last fall hoping for a “Mamdani effect” — the possibility that New York’s new, socialist mayor would send droves of wealthy Manhattanites fleeing south.

It never happened. The city is getting rich Californians instead.

The Golden State’s proposed “billionaire tax” has so rattled wealthy residents that many are now scouring South Florida for high-end homes, agents say. Never mind that the wealth tax plan — bitterly opposed by Democratic Governor Gavin Newsom — hasn’t yet collected enough signatures to make the state’s November ballot. Or that some legal experts consider it dubious.

“They’re here, and they’re writing offers,” said ...