Zohran Mamdani’s unexpected win in New York City’s Democratic mayoral primary has sent shockwaves through the city’s elite real estate circles, with many affluent buyers already taking concrete steps toward relocating—particularly to Florida, Newsweek reports.
“Within a day of the primary results, we had serious inquiries from buyers in Manhattan and Connecticut,” Isaac Toledano, CEO & Co-founder of BH Group, told Newsweek. “One asked about the Ritz-Carlton Residences in West Palm Beach, the other about the West Pompano Beach Hotel & Residences,” he said.
For these high-net-worth individuals, the idea of moving out of New York isn’t just a backup plan in case Mamdani becomes mayor—it’s an investment move already underway.
“A few weeks ago, we sold two penthouses at the Ritz-Carlton Residences in Hammock Dunes near St. Augustine for a combined $20 million, which set records for Palm Coast and all of Flagler County,” Toledano noted.
“One of those buyers was from New Jersey. He already had a part-time home in Florida but decided he wanted to be here full-time. I can’t say if that particular transaction was because of everything leading up to the election, but it’s another clear sign that people across the country are choosing to plant roots here,” he continued. “When conversations start moving that fast, it tells you people aren’t just paying attention. They’re preparing to make real decisions.”
The political upheaval has quickened the pace of interest from out-of-state buyers, according to Peggy Olin, CEO of OneWorld Properties, which oversees sales and marketing for many of South Florida’s top-tier developments.
“Mamdani’s victory seems to have accelerated those conversations. People are asking more questions about timing, taxes, and long-term lifestyle changes. It’s less about panic and more about planning. They’re being proactive,” Olin told Newsweek.
Jay Batra, head of Batra Real Estate with offices in both New York and Miami, has also noticed the shift, saying buyers are now hesitating in NYC and redirecting their focus toward Florida.
“We’re seeing a noticeable pause among luxury buyers in New York City, many of whom are redirecting their search to more tax-friendly, lifestyle-driven markets like Miami and South Florida,” Batra said. “With political and economic uncertainty in NYC, high-end clients are increasingly turning to South Florida for both primary and investment properties.”
Batra attributed much of the anxiety among wealthy clients to Mamdani’s proposals on rent regulations, especially the idea of a citywide freeze.
“Our clients who own buildings across NYC are deeply concerned about the rent freeze tied to Mayor Mamdani’s agenda. Landlords are facing mounting pressure—with high taxes and operating costs, it’s becoming unsustainable to hold properties without the ability to adjust rents,” he said. “Many are now evaluating out-of-state investments as a safer, more profitable alternative.”
Mamdani has also raised eyebrows with his pitch to overhaul the city’s tax policies, suggesting wealthier, whiter neighborhoods should bear a heavier tax burden—an idea that’s sparking concern among the investor class.
“High-end buyers value stability above all else,” said Toledano. “The moment politics feel unpredictable, they start exploring other options,” he added.
The results of the primary have made many well-off investors reevaluate their outlook on New York’s future. “Whether it’s taxes, safety, or the overall business climate, uncertainty makes people uneasy. No one wants to wake up one morning and feel their investment or their family’s security is at risk,” said Toledano. “They want peace of mind, and they’re ready to make a change to find it.”
Olin echoed that concern, saying political rhetoric can quickly influence the decision-making process of the affluent. “When political narratives shift, especially around taxes, wealthy buyers take notice. These are people who’ve spent their lives building something, and they want to protect it,” she said. “Mamdani represents a vision for the city that some high-end buyers feel may no longer align with their values or financial goals. It’s not a reaction out of fear but out of wanting more control over their future.”
Florida continues to draw wealthy investors not only for its tax-friendly climate but because of its booming luxury property market and strong lifestyle offerings.
“They’re looking for the best of the best. Buyers at this level don’t want to compromise on location, design, or quality of life. Branded residences are part of the appeal because they offer strong amenities and a lifestyle people can rely on,” Toledano said.
“If you’re spending several million dollars on a home, you expect security, service, and long-term value. That’s why we’re seeing interest not only across South Florida but also in places like Hammock Dunes and on the West Coast in Naples. People feel confident they’re making a solid investment in a place they’ll enjoy living.”
Another big selling point: Florida’s tax code. With no personal income tax and potential reductions in property taxes on the horizon, many are drawn to the state’s financial advantages.
“Florida checks all the boxes. No state income tax, a strong pro-growth economy, top-tier schools and infrastructure, and a lifestyle that’s hard to match. You can live near the beach, raise a family, and still feel like your investment is protected. For many buyers, that combination is powerful,” Toledano said.
He believes what’s happening now is just the beginning of a larger trend—one that could accelerate in the coming months.
“People don’t wait until after an election to make decisions about their families, their finances, or their future. A few calls today can turn into dozens or hundreds of buyers in the months ahead,” he said. “If the uncertainty grows, the migration will only pick up speed.”
And Florida, particularly South Florida, is poised to benefit from that shift.
“It offers a sense of security they’re not feeling in New York right now. That’s why I believe this summer and the rest of the year could be busier than anyone expects,” Toledano said. “The demand is there, and the interest we’re seeing—from Manhattan to New Jersey to Connecticut—is proof that people are ready to move their lives and their capital here.”
If Mamdani is elected and the policies he’s championed come to fruition, Olin believes the current wave of interest could turn into an even larger outflow.
“Should Mamdani be elected mayor of New York City and the policy concerns feared by wealthy buyers materialize, it could push more people to act,” Olin said.
“But again, this isn’t just about leaving, it’s about choosing a place that feels like the right fit for the next chapter. And for many, Florida checks a lot of those boxes.”
{Matzav.com}