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fter Zohran Mamdani’s election as New York City mayor, a wave of affluent New Yorkers is relocating to Florida, driving a 166 % surge in inquiries for high‑end South Beach condos. Realtors along Miami’s “Billionaire’s Beach” (Collins Avenue 14th–21st Streets) attribute this spike to the so‑called “Mamdani effect.” Pietro Belmonte of Douglas Elliman reports that calls began immediately after the election news. Douglas Elliman markets Ritz‑Carlton Residences: one‑bedrooms at ~$8.6 M, three‑to‑five bedrooms $10.5–22 M+, twin penthouses $55–69 M.
Michael Patrizio of Mast Capital notes that the Perigon development—73 luxury units—has seen a similar uptick. Two‑bedrooms start at $12.5 M, four‑bedrooms can exceed $70 M. The firm also promotes the upcoming 80‑story Cipriani tower, slated to be Miami’s tallest.
Mamdani’s proposals to raise NYC’s top income tax from 3.9 % to 5.9 % (combined 17 % with state) and corporate tax to 11.5 % target roughly 34,000 high‑income households and large firms. Analysts warn that the exodus of wealthy residents—already a major source of revenue—could cost the city billions. In 2022, the top 1 % paid 48 % of personal income tax, contributing $34 B. NYC’s share of the nation’s millionaires fell from 6.5 % in 2010 to 4.2 % in 2022, a shift that cost $2.5 B in 2022 alone.
IRS and Census data show that the migration began long before Mamdani’s win. In 2023, 72,000 New Yorkers moved to Florida, and in 2021 $9.5 B in household income flowed south. Manhattan, Nassau, Suffolk, Brooklyn, and Queens were the leading counties sending residents south.
The “Mamdani effect” illustrates how political changes can trigger rapid shifts in real‑estate demand, as wealthy buyers seek refuge from anticipated tax hikes. Miami’s luxury market is poised to benefit, while New York faces a potential revenue shortfall.
