Billionaires

Developers, Billionaires Blast Mamdani effect on Miami

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Developers, Billionaires Blast Mamdani effect on Miami

New York City’s Mayor-elect Zohran Mamdani was on the minds of Miami developers, brokers and billionaires last week.  His win on Tuesday has fueled a number of memes and social media posts claiming that a mass exodus of wealthy New Yorkers to Florida is already underway. He’s promised to freeze rents on rent-stabilized buildings and … Read more

California Billionaires Could Get Hit With 5% Wealth Tax—Here’s How It Will Affect the Housing Market

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appealing property taxes

California’s billionaires may be on the hook for a one-time 5% tax on their net worth to help the state fund health care for low-income residents after sweeping federal cuts to Medicaid—a move that could generate about $100 billion in revenue but potentially shake up the local housing market’s luxury segment.  Last week, the Service … Read more