Billionaires Fleeing California Wealth Tax Snap Up Miami Mansions
A proposed wealth tax has well-off Californians scouring South Florida for luxury homes.
A row of luxury homes in Miami Beach, Florida.
Photographer: Jeff Greenberg/Getty ImagesMiami 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.