There is no idea bad enough that Dumocrats won't jump at the opportunity first chance they get. This is a prime example of thaT. The ink isn’t even dry on New York City’s proposed pied-à-terre tax - and one Miami Beach tower is already counting the money.
At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas’s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.
It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.
The city says it expects to raise $500 million a year. What nobody in Albany or City Hall seems to have accounted for is what happens south of the Mason-Dixon line when that kind of news lands.
“What we can speak to is what we’re seeing on the ground - New York buyer interest has certainly increased,” Camilo Miguel Jr., CEO and Founder of Mast Capital told The Post. “Buyers who were evaluating South Florida are now moving from consideration into action.”
Wealth flight, at least for now, appears to be a reality in New York itself, pending whether the proposal will be approved.
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