Zohran Mamdani’s victory in the New York mayoral primary could trigger an influx of new capital into Miami, as high-net-worth individuals may migrate south to Florida, sources connected to the real estate sector told Funds Society. They added that “there is a silent competition” between New York millionaires and Latin American entrepreneurs for the same apartments in Brickell, Edgewater, Coral Gables, and other high-profile areas.
Miami’s real estate sector is closely watching how this political shift, combined with New York’s tax climate, could benefit the Florida city, while Latin American investors continue to remain active by purchasing premium properties as a way to safeguard their wealth against instability in their home countries.
“Mamdani’s victory has set off alarm bells among many high-net-worth buyers, especially in New York,” said Peggy Olin, luxury real estate expert and CEO of OneWorld Properties, a firm specializing in international real estate.
“We are seeing it firsthand,” she added. “There is a new sense of urgency. For them, Miami stands out as a clear alternative, not only because of its lifestyle or climate, but also due to its more predictable fiscal and regulatory environment. In times of political uncertainty, Miami is not just attractive; it makes sense.”
From the website representing investors in the buying, selling, renting, and management of properties, Miami Riches, its CEO Carlos Rojas, agreed with this assessment: following New York’s election results, “many may see Miami as a more attractive and stable alternative for living or investing.”
“When political discourses change, especially on sensitive issues like taxes or wealth redistribution, those who have worked hard to build wealth, entrepreneurs, businesspeople, and families, pay attention. It’s not about fear; it’s about strategy. Many were already considering Florida, but this political moment is accelerating that conversation. Now they are ready to act,” Olin added.
Florida has no state income tax. “The new mayor’s intention to raise taxes on those earning over one million dollars annually could be another factor motivating” the change of residence, noted the CEO of Miami Riches.
That said, the migration of New Yorkers to Miami is not new. A report published by the Citizens Budget Commission, an independent fiscal organization, showed that in the five years prior to 2022, approximately 30,000 New Yorkers moved to Miami-Dade and Palm Beach counties, representing a loss of $9.2 billion in revenue for New York.
Miami: a mature market with “cash” purchases
“For more than five years, major entrepreneurs have already been seeing areas like Brickell and Downtown as the Manhattan of the South,” described Carlos Mayz, associate realtor at Keller Williams. “Entrepreneurs like Ken Griffin, from Citadel, are moving their main operations to Miami, thereby increasing the current and future demand for housing options and bringing a high standard of living to those who already reside in the city,” he explained.
For the CEO of OneWorld Properties, “the Miami market is in a very strong phase. What may seem like a boom from the outside is actually the result of years of evolution. We continue to see high demand, both from Latin American and U.S. buyers, especially from New York, California, and Chicago. The interesting thing is that everyone is looking for the same: location, quality, lifestyle, and privacy.”
According to Carlos Rojas, the market has the capacity to absorb “both new residents and investors from New York, which could help stabilize prices in South Florida.”
Mayz also spoke about the rising cost of living and rent prices in recent years. “However,” he noted, “the city is also experiencing a boom in new construction, which is expected to meet the demand of new residents. This is where, without a doubt, the luxury market has seen significant growth, and it is what has kept prices in Florida, and specifically in Miami, stable, even more so in the luxury segment.”
According to an analysis by The Wall Street Journal, since February 2025, the number of homes sold for $10 million or more has increased considerably in major U.S. markets, with Palm Beach and Miami-Dade leading the way. Sales in that price range in Palm Beach, Florida, grew by 50% compared to the same period the previous year, while in Miami-Dade County, the increase was 48.5% year over year.
On the other hand, for 16 consecutive years, Florida has been the number-one state for foreign investments, representing 23% of such real estate investments in the U.S. in 2024, ahead of Texas (13%) and California (11%). Likewise, in 2024, New Yorkers accounted for 24% of real estate purchases in Miami from other states, surpassing California (13%) and New Jersey (10%).
Sources consulted by Funds Society reported that in recent months they have observed quick sales, “many in cash”, and, in some cases, above the listing price. “These buyers are not speculating; they are betting on Miami as their next home and life hub,” Olin summarized.
The impact of high interest rates, which is so important for the real estate sector, is limited in the high-end market, which prioritizes location, legal security, and long-term prospects.
