This is fantastic news for the Miami real estate market. Does anybody has stats as to how many homes this would actually affect?
This is fantastic news for the Miami real estate market. Does anybody has stats as to how many homes this would actually affect?
The targets of this tax already live in Miami, which they declare as their "primary" residence to avoid paying NYC taxes
Boston hasn't seen the doomers' hypothesized capital flight from their wealth tax. The opposite, in fact.
https://www.bostonglobe.com/2026/05/25/metro/millionaires-ta...
Now picture NYC, symbolic of wealth and power. Owning property there is a great way to show off.
This tax may make it more attractive to own a second home there, because it proves you're not one of the fake-wealthy who can't afford the price.
Miami? Have you checked home insurance rates lately? The thought of these NYC second home owners getting gutted by the next hurricane is rather amusing though.
The rich don't really care about insurance rates down here because they can a) pay them, b) tend to gravitate towards newer buildings that have better protection and c) have the money to retrofit older buildings with the necessary protection to lower insurance rates. Miami has the strictest hurricane codes in the country, so while there's a possibility that they may get gutted, it's probably going to be less than people expect.
I live in FL so if you have questions about insurance feel free to ask.
But the people who can easily afford the insurance in Florida can afford the new tax as well. And as an added bonus, they don't have to live in Florida!
But in all seriousness, they all already own homes in Florida.
So they can pay the higher insurance without a thought, they can pay for the relocation across the country, but they're unwilling to finance public services for the city they live in.