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FLORIDA - Real estate firms are reporting a notable rise in interest from New Yorkers looking to relocate to Florida after Zohran Mamdani won the New York City Democratic mayoral primary.
Mamdani, a state assembly member from Queens, campaigned on progressive policies such as a citywide rent freeze, taxpayer-funded childcare and fare-free public transportation.
He received over 565,000 votes in the primary.
Following the primary, ONE Sotheby’s International Realty reported a 50% increase in website traffic from the New York area.
Company president Daniel de la Vega told FOX Business that agents are receiving calls from high-net-worth individuals and institutional investors exploring relocation.
He said the buyers include families, entrepreneurs and wealth managers who are considering moving their operations and lifestyles permanently to Florida.
According to de la Vega, motivations include tax benefits, perceived safety, stability and overall quality of life.
Between 2018 and 2022, more than 125,000 New Yorkers moved to Florida, bringing nearly $14 billion in adjusted gross income.
De la Vega said this influx had a major impact on South Florida’s real estate market and that another migration wave could occur if Mamdani wins the general election.
New York-based agent Frances Katzen reported FOX Business that some property owners are reacting to what they see as increased operating costs, regulatory uncertainty and the potential for expanded rent control.
One client with a rental property in Manhattan for over a decade recently decided to sell.
Katzen said agents are observing early signs of concern among property owners as the election approaches.