A proposed California wealth tax has yet to appear on the ballot, but it is already causing a stir among the state’s richest residents. In a bid to protect their fortunes, several billionaires are acquiring luxury properties in Miami, shifting both their lifestyles and investments eastward.

Miami’s real estate scene appears to be gaining momentum due to political changes in New York. As newly minted primary winner Zohran Mamdani pledges higher taxes on wealthy residents, experts point to a sudden increase in fast-moving property sales in Florida’s most vibrant market.