Fact Check: Wealthy New Yorkers are moving to Florida due to progressive policies in NYC.

Fact Check: "Wealthy New Yorkers are moving to Florida due to progressive policies in NYC."

What We Know

Recent reports indicate a noticeable increase in interest from wealthy New Yorkers in relocating to Florida, particularly following the primary victory of Zohran Mamdani, a candidate known for advocating progressive policies such as rent freezes and taxpayer-funded childcare. According to a Fox Business report, real estate agents observed a 50% increase in website traffic from New York after Mamdani's primary win, suggesting that many affluent individuals are reassessing their living situations. Daniel de la Vega, president of ONE Sotheby’s International Realty, noted that this uptick includes high-net-worth individuals and institutional investors looking to relocate permanently for reasons including tax advantages and a better quality of life.

Moreover, a Newsweek article highlighted that inquiries from potential buyers in Manhattan and Connecticut surged immediately after the primary results, with some buyers actively seeking properties in Florida. The article also mentions that wealthy clients are increasingly considering Florida as a viable option due to the political and economic uncertainties in New York City.

Between 2018 and 2022, over 125,000 New Yorkers reportedly moved to Florida, contributing nearly $14 billion in adjusted gross income to the state, as noted by de la Vega in the Fox Business article. This migration trend has been attributed to various factors, including high taxes and the desire for a more favorable living environment.

Analysis

The claim that wealthy New Yorkers are moving to Florida due to progressive policies in NYC is supported by several credible sources, including real estate experts and news articles. The Fox Business report provides direct quotes from real estate professionals who confirm an increase in inquiries from New Yorkers, which correlates with Mamdani's election campaign focused on progressive policies. This suggests that the political climate in New York City is influencing the decisions of some high-income residents.

However, it is important to note that while Mamdani's policies may be a significant factor for some individuals, the broader trend of migration from New York to Florida predates his primary victory. The Citizens Budget Commission reported a net loss of $9.2 billion in income from New York to Florida, indicating that the migration trend is part of a larger pattern influenced by various factors, including tax burdens and lifestyle preferences.

Additionally, the sources used in this analysis vary in their potential biases. For instance, Fox Business and Newsweek are generally considered reliable news outlets, but they may have specific editorial slants that could influence their reporting. The real estate experts quoted are directly involved in the market and may have vested interests in promoting the idea of migration to Florida.

Conclusion

The claim that wealthy New Yorkers are moving to Florida due to progressive policies in NYC is Partially True. While there is evidence to suggest that Mamdani's election has accelerated interest in relocating, the trend of affluent individuals moving to Florida has been ongoing for several years and is influenced by a combination of factors, including economic conditions and tax policies. Therefore, while progressive policies may be a catalyst for some, they are not the sole reason behind the migration trend.

Fact Check: Wealthy New Yorkers are moving to Florida due to progressive policies in NYC.