NYC mansion tax driving more New Yorkers to Florida, real estate agent says

A recent change to New York City’s so-called mansion tax is driving residents from the Empire State to Florida, according to real estate expert Samantha DeBianchi.

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The progressive tax, which went into effect on Monday, means that those making real estate purchases of more than $1 million will be faced with a levy that can climb as high as 3.9 percent.

“The people from the Northeast are driving our home sales,” DeBianchi, a real estate agent in Florida, told FOX Business’ David Asman on “Varney & Company.”

According to data from the U.S. Census Bureau, Florida received more movers than any other state in 2018 – and many came from New York.

“In Miami-Dade, Palm Beach and Broward counties we actually saw homes sales increase anywhere from 3.9 percent to 6.6 percent – and that is because of all of our New Yorkers coming down here to sunny South Florida,” she said.

In addition to recent tax hikes, a $10,000 cap on state and local tax (SALT) deductions has resulted in an exodus of residents from high-tax states – like New York and New Jersey – to lower-tax areas such as Florida and Texas.

DeBianchi added that lower interest rates should encourage people to jump into the housing market.


“Now is a great time to buy for anyone, whether you’re in the luxury market or a first-time homebuyer. I mean, with rates as low as they are, prices, I think, are slowly coming down a bit, which is a win-win for everyone.”