NYC paying the price as the wealthy, financial institutions flock to South Florida

South Florida has bloomed as America’s new capital for capital.Some of the region’s leading developers and city leaders make the argument that the trend is permanent and practical as New York City lost billions of dollars in income to the region.“We as a company, as a family, want to be known for not only building beautiful buildings and shaping skylines, but really creating neighborhoods and creating neighborhoods that can provide housing for everybody,” Related Group CEO Jon Paul Perez told Fox News Digital.“We want Miami to be a world-class city, but we don’t want Miami to be a world-class city just for the wealthy.”“In a lot of ways across the world, there’s already recognition for the South Florida market as a whole pre-pandemic, but [it] certainly took a completely different turn,” Integra Investments founder and Home Builders of South Florida President Nelson Stabile also told Digital.Both Perez and Nelson weren’t surprised by a recent report from New York’s Citizens Budget Commission, which found New York City witnessed an outflow of tens of thousands of high-earning residents from 2017 through 2022, who took close to $14 billion in income with them to Florida – with more than $9.2 billion going to Palm Beach, Broward and Miami-Dade counties.“People realize that they love living down here.

It’s a pro-business environment, low taxes, and they can move their companies here and not sort of feel like they’re missing out,” Perez said.“Miami’s become sort of like this New York of the South, where we have finance, we have tech, we have hospitality, we have big cruise industries.

So we’ve become a much more diversified economy over the last five years.”“A change for the greater has made, I think, the city a much more diverse, intellectual city,” the CEO continued.“And we feel strongly that that will continue because I think it’s sort of been discovered now.

And when things get discovered, they just continue to ...