NYC’s Wealthiest Flocking to Florida Even While Covid RagesBy
Pandemic disruptions, tax laws push many to consider moving
Luxury inventory is plunging, homes are selling within a week
Lavish Florida retreats were a popular escape for rich New Yorkers riding out the Covid-19 lockdown. Now, many are rushing to make things more permanent even while the virus surges in the Sunshine State.
Sellers in places like Miami and Palm Beach are getting flooded with offers, and the supply of available properties is plunging. Florida’s favorable tax laws have long been a draw for high-net-worth individuals, but the pandemic’s disruptions -- to work, school, public safety and northern states’ budgets -- have increased the allure, pushing many of the wealthiest to finally make good on aspirations to relocate.