From Wall Street to Palm Beach: High-Profile New Yorkers Head to Florida as 'Mamdani Migration' Grows

MIAMI — For years, wealthy New Yorkers have quietly traded Manhattan winters for South Florida sunshine. In 2026, that migration has taken on a new political edge, as billionaires, executives and public figures weigh their futures in New York under Mayor Zohran Mamdani.

Real estate brokers in Miami and Palm Beach say inquiries from New York buyers have surged since Mamdani, a democratic socialist, won the mayor's race in November 2025 on a platform that included higher taxes on the wealthy. Florida officials have openly courted those buyers.

"We welcome millionaires and billionaires and good quality employers creating good jobs," Kelly Smallridge, CEO of the Business Development Board of Palm Beach County, told WLRN. "We are not trying to run them out like New York is."

Here is a look at some of the best-known names who have left New York for Florida, or deepened their ties to the state, along with the numbers behind the trend.

Stephen Ross

The billionaire founder of Related Companies, the developer behind Manhattan's Hudson Yards, has relocated from New York to Florida, according to the New York Post, as reported by Fox Business this year.

Ross, who owns the Miami Dolphins, has long had deep business ties to South Florida, where Related has pursued major development projects in West Palm Beach.

Ken Griffin

The Citadel founder moved his hedge fund's headquarters from Chicago to Miami in 2022, but his clash with Mamdani made headlines this year.

Griffin publicly feuded with the mayor after Mamdani released a video that singled out Griffin's Park Avenue penthouse while explaining a new city tax on expensive second homes. Griffin and other ultra-wealthy business leaders said they were considering leaving New York because of the proposed pied-à-terre tax.

Griffin has since expanded his Miami footprint, including new residential and parking developments tied to Citadel's future headquarters in the Brickell financial district. Mamdani later softened his rhetoric and thanked Griffin for his contributions to the city.

Bethenny Frankel

The former "Real Housewives of New York City" star and Skinnygirl founder announced in April 2025 that she was relocating to Florida.

"I am moving to Florida for personal and professional reasons," Frankel said in an Instagram video.

She added that she would keep a foothold in the Northeast: "We will maintain residences in the Hamptons and New York City because we love New York."

Sean Hannity

The Fox News host was among the earliest prominent figures to make the move, announcing in January 2024 that he had left his longtime home on Long Island.

"I am out. I am done. I'm finished. New York, New York. Goodbye," Hannity said on his radio show, broadcasting from his new Florida studio.

Larry Robbins

Billionaire hedge fund manager Larry Robbins left New York City to live in Florida, Bloomberg reported. Unlike some executives who moved their firms south, Robbins kept his fund, Glenview Capital, in New York and commutes back and forth.

Karlie Kloss and Joshua Kushner

The supermodel and her husband, the venture capitalist and Thrive Capital founder, left Manhattan for South Florida, joining a wave of high-profile couples who bought homes in the Miami area in recent years.

The 'Mamdani Effect'

The political dimension of the migration intensified after Mamdani's victory.

Less than 24 hours after the election, President Donald Trump said at an event in Miami that "Miami will be the refuge for those fleeing the communist New York City."

Even New York Gov. Kathy Hochul, who later endorsed Mamdani, had previously criticized his tax proposals, saying, "I don't want to lose any more people to Palm Beach."

Luxury developers say the effect has been measurable. Inquiries from New York buyers at the Ritz-Carlton Residences in Miami Beach rose 166% after the election, according to Fox Business. At other high-end towers on Miami's so-called Billionaire's Beach, sales agents said phones began ringing as soon as Mamdani's win appeared likely.

Real estate agents in Palm Beach County describe the trend as the "Mamdani Migration," saying New York clients include retirees, families and workers whose companies are relocating. Popular destinations include Jupiter, Palm Beach Gardens, Delray Beach and Boca Raton.

The numbers

The trend predates Mamdani. More than 125,000 people have left New York City for Florida since 2020, taking an estimated $13.8 billion in combined income with them, according to Citizens Budget Commission data.

An earlier Citizens Budget Commission report found that New York City lost roughly $9.2 billion in income to Miami-Dade and Palm Beach counties between 2017 and 2022 alone.

Florida's appeal is largely financial. The state has no personal income tax, while combined New York state and city income taxes can exceed 12% for top earners. Florida's homestead exemption also reduces property taxes on primary residences.

Not a one-way street

Experts caution that the migration has limits. Many wealthy New Yorkers keep homes in both places, splitting time between Manhattan and Palm Beach. New York state is also known for aggressively auditing residents who claim to have moved to Florida while maintaining significant ties to New York.

New York City continues to attract new residents, and its economy remains among the largest in the world. City officials have argued that taxing the wealthy is necessary to fund services and address affordability.

With Mamdani's tax agenda still taking shape and Florida officials eager to recruit, real estate agents expect the flow of New Yorkers heading south to continue.

Whether the exodus becomes a lasting shift or a temporary wave may depend on how the city's new tax policies play out, and how many of New York's wealthiest residents decide that a Florida address is worth the move.