Miami is benefiting from recent changes to tax laws that makes it much more expensive to live in New York, according to an article the NY Post.
The article was published yesterday and is the highest trending in the Post’s business section as of this morning.
Wealthy New Yorkers can save hundreds of thousand in annual taxes by relocating to Florida, the article stated.
63,722 New Yorkers migrated from New York to Florida during the 12 month period ending in July 2018, and Florida was the number one destination overall for Americans moving during the year.
Armando Codina’s Downtown Doral has developed a website to take advantage of the exodus from New York, called Unhappy New Yorkers.
Among those relocating to save on taxes was the mother of NY Congresswoman Alexandria Ocasio-Cortez, the website states. “I was paying $10,000 a year in real estate taxes up north. I’m paying $600 a year in Florida. It’s stress-free down here,” she said.
At Downtown Doral, Codina expects a quarter of buyers to be from New York, adding another 5,000 ex-New Yorkers to the community of 60,000.
Source: The Next Miami