The Ultrarich Leave New York for Miami (Palm Beach: sales, crime rates)

[MiamiLIFE]

The wealth movement out of NY gonna put a strain on their already underfunded budget. Restaurants in Miami and retail should flourish with the movement of wealth to the area.


https://www.newsmax.com/finance/stre...16/id/1108921/

[FL_Expert]

Hedge fund manager Ken Griffin of Citadel drove up those averagess by buying five properties on the gated Island for a total of $194 million.

Holy moly, 5 properties on Star Island? Wonder what he’s planning.

[Corrie22]

this is key.....

”When states like California do their mansion tax, or Massachusetts implements a millionarie’s tax, it just means more business for me.”

”As Bruce Ring, a waterfront home realtor with Lenson Realty Inc. in Palm Beach, explains the stratospheric level of billionaire finances: “One guy told me the taxes he’s not paying in Massachusetts is essentially paying for his new house in Florida. For them not to do it would cost them more than to do it.”

[MiamiLIFE]

Originally Posted by Corrie22

this is key.....

”When states like California do their mansion tax, or Massachusetts implements a millionarie’s tax, it just means more business for me.”

”As Bruce Ring, a waterfront home realtor with Lenson Realty Inc. in Palm Beach, explains the stratospheric level of billionaire finances: “One guy told me the taxes he’s not paying in Massachusetts is essentially paying for his new house in Florida. For them not to do it would cost them more than to do it.”

NY is having a huge exodus of the wealthy that fund NY's budget. The dwindling tax revenue up north is going to mean higher costs to the regular working folks there to pay for the city's services. California also having a huge exodus of wealthy to AZ, NV and TX.

[elchevere]

Originally Posted by MiamiLIFE

The wealth movement out of NY gonna put a strain on their already underfunded budget. Restaurants in Miami and retail should flourish with the movement of wealth to the area.


https://www.newsmax.com/finance/stre...16/id/1108921/

Just as law firms have followed their clients to Miami, restaurants and retail are following the wealthy....how does that benefit us, a Miami detractor might ask--well, for starters I don't have to get on a plane to hit one of my favorite restaurants from NYC or elsewhere; they're coming to me.

[Corrie22]

Originally Posted by elchevere

....how does that benefit us,

I think one of the biggest....if not the biggest....is our 6% sales tax...that makes up ~80% of our revenue.....which is right at $40 billion

...and another 50% coming from local sales tax

every snow bird, every tourist, and every new resident pays that...and every business generates it

[BrooklynJo]

Originally Posted by MiamiLIFE

The wealth movement out of NY gonna put a strain on their already underfunded budget. Restaurants in Miami and retail should flourish with the movement of wealth to the area.


https://www.newsmax.com/finance/stre...16/id/1108921/

the ultra rich have properties in both nyc and miami.

fixed it for you.

[jsha7277]

The whole corridor Miami -- WPM is becoming a haven of peace, beauty, prosperity...and, ok, humidity :-)

In any case, given the exploding crime rates in NYC and Chicago, coupled with dismal and worsening educational outcomes, there's no question in my mind that anyone who can come, will come.

[apple92680]

Originally Posted by MiamiLIFE

California also having a huge exodus of wealthy to AZ, NV and TX.

Truly wealthy people don't leave California for the likes of Las Vegas, Phoenix or Dallas.

[yoyo6713]

Originally Posted by BrooklynJo

the ultra rich have properties in both nyc and miami.

fixed it for you.

But they will claim FL as their home.