MIAMI (WSVN) – Real estate investors are buzzing about a possible mass migration to South Florida following the recent mayoral win by Democratic Socialist Zohran Mamdani in New York City.
During day one of the Real Deal Miami Forum in Wynwood, dubbed by organizers as Miami’s largest real estate event, the chatter among participants centers around a new wave of wealth flooding South Florida.
Phil Gutman, President of Continuum Realty, told 7News that multiple factors, such as COVID-19 and high crime, have already contributed to New York residents, as well as businesses and real estate, to flock south. He predicts that the addition of a progressive mayor who pledged to increase taxes for the 1% could prove to be another tipping point.
“I do think you’re going to get a pretty heavy migration here. The 1% of the population in New York City that pays 40% of New York taxes they are quite nimble. They are able to pick up and move,” he said.
As top developers and brokers across the country congregate in the 305, many agree that an outflow from the Big Apple to the Sunshine State could occur.
“We saw it during COVID. We saw people get up and leave, people who were thinking about retiring and leaving. We saw a huge inflow of people,” said Kevin Maloney, CEO of Property Markets Group. “I have a lot of friends who were screaming, ‘Bloody murder,’ and they were saying, ‘We’re going to pack our bags and move our businesses,’ and it may happen.”
But others in the real estate conference say it isn’t always easy to pack up and leave an area because of an electoral outcome.
“Most people don’t have the option to just close up shops, close down their businesses, their careers, and move because of somebody who is elected into office,” said Amir Korangy, the founder of The Real Deal.
Throughout the campaign and in his first interview with Good Morning America as the mayor-elect, Mamdani has dismissed concerns of people leaving the city.
“What I’ve heard from a number of business leaders is that the affordability crisis is also affecting their ability to attract and retain talent,” he said.
Overall, the consensus at the convention is that it is too soon to tell what will happen. Experts say to look at the migration data within the next year.
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