The number of high-tax states residents moving to places like Florida, Nevada and Texas is continuing to climb, according to a mother-daughter team who dominate in residential real estate.
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Dolly Lenz, founder of Dolly Lenz Real Estate in New York City, told FOX Business’ Maria Bartiromo that many of her clients who have left New York for California to escape the estate tax, have found themselves fleeing the West coast over new taxes.
“They’re looking at a few options, but it’s not good for California,” she said on Tuesday.
Daughter Jenny Lenz, the managing director of the firm, said New York’s millionaire’s tax “will impact whose going to want to buy.”
She said New York ranks number one in the U.S. in terms of residents who move away for other states with the majority heading to Florida.
“It just makes sense, the taxes are so low,” she said of Florida, a state with no income tax.
Dolly Lenz also said the New York market “is definitely weakening, unfortunately,” but adds that the impact of low interest rates will be seen in the coming months.