Election anxiety in New York City has turned into a real estate windfall in South Florida.
Developer Isaac Toledano, CEO of Miami-based BH Group, told Fox News Digital that his company has closed more than $100 million in signed contracts from New York buyers in just the past few months – about twice last year’s volume.
"I think the election accelerated how people make decisions," Toledano 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."
"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 continued.
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Toledano noted that the sales surge his real estate firm has seen is not surprising, but the figure is "higher than expected." The CEO also reports that the New York buyers migrating south are "becoming very aggressive" with their decision-making.
"The good news is that 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, Henley & Partners' World’s Wealthiest Cities Report for 2025 found that both West Palm Beach and Miami surpassed New York City as the world’s fastest-growing wealth hubs. West Palm saw a 112% increase in millionaire growth over the last decade, while Miami saw a 94% increase. New York fell much shorter, around 40%.
A more recent analysis by The Times reported that independent estimates around Democratic socialist Zohran Mamdani’s overall platform may cost New York City’s economy $10 billion annually.
Mamdani's campaign did not immediately respond to Fox News Digital's request for comment.
Mamdani has pitched a sweeping agenda aimed at reshaping New York City’s economy and social contract. Among his boldest promises are instituting free city buses, building 200,000 new affordable housing units over 10 years, raising the minimum wage to $30 an hour by 2030, expanding universal child care, creating city-run grocery stores and imposing significant tax increases on corporations and the top 1% of earners, according to his website.
Uncertainty over the mayoral election results, Toledano says, has created a rush to Florida’s luxury market — one he doesn’t see slowing down.
"We saw a few articles with thousands of police officers saying they're going to quit or resign," Toledano said. "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."
"We’re definitely ready," Toledano continued. "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."
The developer emphasized safety and freedom as Florida’s strongest draw and a clear contrast to northern cities.
"We offer stability, the freedom to grow," he said, "the fact that you can walk at night with 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."
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As New York buyers represent a new kind of investor – decisive, liquid and ready to move – Toledano isn’t just betting on political tides, but Florida’s long-term evolution.
"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."
