New York City’s race for mayor is getting intense, and rich people are already looking for the exits!
Zohran Mamdani, a Democratic Socialist, is currently leading in the polls after a surprising win in the June primary election. His major plans for housing and taxes are making the city’s top earners very nervous.
His ideas aim to completely change how the city handles real estate and money.
New Yorkers Moving to Florida: Why Wealthy Buyers Are Fleeing NYC
This worry isn’t just felt in New York. Down in Florida, especially in Palm Beach County, real estate agents are seeing a big new wave of wealthy New Yorkers moving in or buying second homes.
These people are mainly from Westchester County and Manhattan. For many, the rush is about more than just taxes—it’s about getting out now.
“I have definitely noticed more New York buyers in the last year, especially from Westchester,” says Johnny DelPrete, a real estate agent in Palm Beach County.
“That market has always had strong ties to Palm Beach, but lately the interest feels even stronger.”
Why the Rush to Leave?
The jump in demand comes right as buyers are getting worried about Mamdani’s proposed housing changes. His plan includes:
- Freezing rent prices for several years.
- Investing $100 billion to build new affordable housing.
- Speeding up the building of developments that are 100% affordable.
- A proposed 2% income tax on New Yorkers who earn over $1 million.
While this plan excites renters and younger voters, it has worried high-income homeowners who are now searching for other places to live.
This feeling of urgency is real. Back in July, Fox News host Sean Hannity, who has already moved to Florida, suggested that the city could soon see a huge number of people leave.
Real estate agents in Westchester reported a 15% year-over-year jump in contracts (agreements to buy homes) since Mamdani won the primary.
And in Palm Beach, agents like DelPrete are constantly getting calls from clients who want to move or at least have a backup plan.
“Most of my New York clients tell me it’s about lifestyle first,” DelPrete explains. “The weather, the beaches, the ability to be outside all year. Of course, taxes play a role, too. But, it’s really about the quality of life they get here without giving up easy access to New York.”
Heading South: Florida Real Estate Surges
This huge demand is putting major pressure on the already limited housing market in Palm Beach. Palm Beach is very popular, but it’s small—the barrier island is only 16 miles long.
When three wealthy buyers compete for one property, two will lose out. This kind of competition is now common.
“They’re not really price-sensitive,” DelPrete says about his New York buyers. “If they see something they love, they move quickly and are willing to pay for it. In multiple-offer situations, they’re usually aggressive because they don’t want to miss out.”
DelPrete says New York buyers come ready to act. “They’re decisive, they’re fast, and they come prepared,” he adds. “They’re used to competing in a tough market, so they don’t hesitate when the right home comes along.”
Record-Breaking Market Numbers in Palm Beach
The latest data from August 2025 shows just how crazy the market is:
- Palm Beach County had about 48,000 active listings (homes for sale).
- Just over 9,000 new listings came up that month.
- Homes spend a median of 90 days on the market.
- The median list price is around $500,000.
This new money, especially from the Northeast, is not just fueling home buying but also new investments in apartments, office space, and development.
The Mamdani Effect and Florida’s Growing Momentum
DelPrete sees two types of buyers: some are moving completely, and others are spending so much time in Florida that it’s becoming their real home, even if they still keep a New York address.
The “Mamdani effect,” which is the name for the spike in home shopping after the primary election, is clearly now reaching all the way to Florida.
We don’t know if New York’s political shift will last, but for now, one thing is clear: Florida is gaining momentum again.
Author Profile
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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