Political uncertainty surrounding New York City’s recent mayoral election has sparked a surge in high-end real estate purchases in South Florida, according to developers and market analysts.
Isaac Toledano, CEO of Miami-based BH Group, said his company has seen an unprecedented wave of interest from New York buyers in recent months.
“We closed more than $100 million in signed contracts from New York buyers in just the past few months – about twice last year’s volume,” Toledano told Fox News Digital.
“I think the election accelerated how people make decisions,” he said.
“I think people are nervous [for] what’s coming, how it’s going to affect their lifestyle, the quality of life, taxes, potential of crime [or] no crime.”
Toledano linked the rush in demand to concerns over Mayor-elect Zohran Mamdani’s economic platform.
“This unknown in what’s coming, and the fact that Mamdani said loud and clear what he’s going to do and what he believes is the right thing for New York, make[s] a lot of people very nervous,” he said.
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Mamdani, a self-described democratic socialist who will soon take office as New York City’s first Muslim and first South Asian mayor, has outlined a sweeping agenda that includes major expansions in public services and substantial tax increases.
His platform proposes free city buses, 200,000 new affordable housing units over 10 years, raising the minimum wage to $30 per hour by 2030, expanding universal child care, creating city-run grocery stores, and imposing higher taxes on corporations and top earners.
A recent analysis by The Times estimated that Mamdani’s proposals could cost New York City’s economy $10 billion annually.
Toledano said that while his company anticipated a strong fourth quarter, the recent election appeared to have amplified interest from buyers seeking stability and lower taxes.
“The sales surge is not surprising, but the figure is higher than expected,” he said.
“A lot of the buyers in this market [are] coming wealthier, stronger financially. A lot of people made a lot of money in the last five, six years in the stock market, crypto, online businesses. So people are coming to Florida when their pockets are full and bank accounts, and their stock portfolio is doing really good.”
Earlier this year, the Henley & Partners World’s Wealthiest Cities Report for 2025 ranked both West Palm Beach and Miami among the fastest-growing wealth hubs in the world.
West Palm Beach recorded a 112% increase in millionaire growth over the past decade, while Miami grew by 94%. By comparison, New York saw an increase of roughly 40%.
Toledano said that uncertainty in New York has accelerated a long-standing migration trend toward Florida.
“We saw a few articles with thousands of police officers saying they’re going to quit or resign,” he noted.
“The fact that people have to deal with this stress daily for them, for their kids, for their families, puts them in a position that they need to make a decision. It’s not a secret that for the last 20 years, a lot of New Yorkers [are] moving to Florida, buying their homes, second homes, come to Florida for vacations. And I think that what we saw in the last five, six years, it will grow and will get stronger and this positive momentum will continue.”
The developer said BH Group is preparing for continued demand from northern investors.
“We’re definitely ready,” he said.
“If this thing is going to happen and we’re going to see this big wave of New Yorkers and companies relocating, across our portfolio we have a lot of branded residences, luxury condos, mixed-use projects … We welcome our friends and investors and buyers from New York to come to Florida.”
Toledano emphasized that Florida’s reputation for safety and freedom remains a major draw for buyers seeking stability.
“We offer stability, the freedom to grow,” he said.
“The fact that you can walk at night with an expensive watch on your hand, driving an expensive car, go to a restaurant, walk on the street, have a coffee at 11 o’clock at night and nobody will disturb you … The law is very strong here … people feel safe.”
As buyers continue moving south, Toledano said the state’s growth shows no sign of slowing.
“At the end of the day, we welcome everybody, regardless if they are from New York or any other part of the world,” he said.
“Florida is a great place. It’s a great place for your families, for your businesses, for your future.”
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