It’s not a secret that New Yorkers have moved to Florida in large numbers over the past couple of years. In 2022, nearly 65,000 New Yorkers obtained Florida’s driver’s licenses, a good indicator that they are looking to permanently move to the sunshine state.
Some of the New Yorkers moving may be considered “wealthy” by some Floridians, as many New Yorkers can keep their high-paying jobs before moving and working remotely. According to the Average Salary Survey, the average person living in New York State earns $96,041, while the average salary in Florida is generally under $50,000 per year.
To that end, it’s probably not surprising that Florida was the state that attracted the highest number of affluent households earning more than $200,000 between 2020 and 2021.
And although some Floridians feel that the cost of living in Florida has gotten pricey, to New Yorkers, the prices may still seem reasonable.
One billionaire developer is banking on this being true because he’s buying up property in south Florida since he believes that the New York exodus to Florida is going to continue.
Stephen Ross’ Bet on South Florida: Stephen Ross is a real estate developer who owns the Miami Dolphins and who heads the New York real estate company Related Companies.
According to the Bloomberg Billionaires Index, Ross’ net worth is estimated to be around 8.89 billion dollars. He currently owns homes in both New York and Florida.
Ross’ Related Companies developed properties in West Palm Beach to house New York companies that opened offices in Florida – such as Goldman Sachs and Point72.
Based on this success, Related Companies is developing additional spaces (and has spent millions of dollars) in West Palm Beach.
And Ross has also placed his attention on Miami’s Brickell in the financial district, having office space that is expected to be ready for operation by 2027.
Why Ross Feels that New Yorkers will Continue to Move to Florida: Ross feels that New Yorkers are attracted to Florida’s tax friendliness, security, and lifestyle, telling Bloomberg of New Yorkers moving to Florida:
“It’s tax issues, and there’s the security issues. There’s just the ease of living…the older people are moving out, and the wealthier people are moving out…I think Florida is going to capture an awful lot of people.”
Why New Yorkers Say They Moved to Florida: A poll of New Yorkers who moved to Florida confirms at least some of Ross’ beliefs. The highest number of those who moved to Florida said that they did so for lower taxes. The next most common reason was a lower cost of living, followed by job opportunities and warmer weather.
The Trend of New Yorkers Moving to Florida Continues in 2023: Data from the Florida Department of Motor Vehicles indicates that in the first three months of 2023, almost 11,000 New Yorkers decided to call the sunshine state home, continuing the trend.
Source:https://original.newsbreak.com/@l-cane-1591389/3095823547908-ny-billionaire-is-buying-property-in-specific-areas-of-florida-believing-wealthy-new-yorkers-will-continue-to-move-there
