Real Estate Markets in Miami and Palm Beach Heat Up as Political Unrest Drives Wealthy New Yorkers Out of the City

The recent political upset in New York City’s Democratic primary is sending ripples far beyond the city limits — all the way to Florida’s sunny shores.

After Zohran Mamdani, a young socialist newcomer, clinched a surprising victory, many affluent New Yorkers are suddenly reconsidering their living situations, with Florida emerging as the prime destination.

Realtors Flooded with Relocation Requests

Real estate agents on both sides are buzzing with activity.

Calls have surged from wealthy clients eager to escape the Big Apple’s shifting political climate and move to the Sunshine State.

Celebrity broker Ryan Serhant, speaking to the New York Post, admitted that his top priority now is helping clients “move people from New York to Florida. Again.”

Serhant explained that after Mamdani’s win, many clients are hesitant to invest in New York City property.

In fact, right after Andrew Cuomo conceded defeat, Serhant and his peers were inundated with requests from buyers wanting to back out of deals in the city.

Florida Governor Seizes the Moment

Florida’s Governor Ron DeSantis didn’t miss the chance to comment on the trend.

As news of Mamdani’s surge spread, DeSantis cheekily noted on social media, “Just when you thought Palm Beach real estate couldn’t go any higher.”

The state’s appeal isn’t new — its lack of income tax has long attracted the ultra-wealthy.

But now, with uncertainty looming in New York, even venture capitalists, founders, and bankers are looking beyond Florida to far-off options like Uruguay and Milan.

Billionaires Warn of a Capital Exodus

High-profile billionaires like Bill Ackman and John Catsimatidis have been vocal critics of Mamdani’s platform, especially his calls to tax the ultra-rich heavily.

Ackman, a hedge fund manager who backed Donald Trump, warned that Mamdani’s policies could spark an unprecedented outflow of capital from New York City.

In a detailed social media post, Ackman argued that for New York to continue providing essential services to its residents, it must remain business-friendly and attractive to wealthy taxpayers who contribute significantly to the city’s budget.

Catsimatidis also reacted strongly, threatening to relocate or even sell his supermarket chain, Gristedes, if Mamdani follows through on plans to open city-run grocery stores.

Surging Interest in Florida Real Estate

While Mamdani’s victory is not officially finalized yet — thanks to New York City’s ranked choice voting system, results won’t be certified until July 1 — the Florida real estate market is already feeling the heat.

Nathan Zeder, a broker from the Jills Zeder Group in Fort Lauderdale, told the Post that the number of lifelong New Yorkers contacting him about moving to Florida is “close to shocking.”

The group has already sold around $1.8 billion in Florida properties this year.

Zeder anticipates the next few months will see an influx of high-net-worth individuals seriously considering South Florida as their new home — with demand possibly rivaling the frenzy seen during the COVID migration period.

The Political Chessboard in New York

Despite the excitement in Florida, Serhant cautions that Mamdani’s path to becoming mayor isn’t guaranteed.

There’s a well-funded coalition rallying around incumbent Mayor Eric Adams, who stepped away from the Democratic primary to run as an independent after facing corruption allegations that were later dropped.

Serhant predicts that the real estate and investment communities will likely throw their support behind Adams in the general election.

Meanwhile, former governor Andrew Cuomo hasn’t ruled out launching an independent campaign himself, which could further shake up the race.

Lessons from Past Socialist Upsets

This political drama echoes what happened in Buffalo in 2021, when socialist candidate India Walton upset a centrist in the Democratic primary, only to lose the general election to her predecessor via a successful write-in campaign.

If Mamdani falls short in the general election, New York City might see a similar rebound for the more moderate candidates.

A New Migration Trend Takes Shape

For now, with New York’s future still uncertain, Serhant’s message is clear: “There are plenty of other places to live.”

His agents in the Sun Belt states have certainly been busy, as the rush to Florida intensifies following Mamdani’s victory.

So, what’s next? For many wealthy New Yorkers, it looks like the path leads south — at least for now.