The state of New York is facing a significant budget shortfall. Part of the problem is people fleeing the state over high taxes. Governor Andrew Cuomo is now blaming Florida for his own problem.
CBS News in Miami reports:
South Florida Luxury Condos Being Scooped Up By Relocating New Yorkers Looking To Save On Taxes
This week the Governor of New York blamed budget shortfalls on the state of Florida.
He said New Yorkers are fleeing to the sunshine state to save big time on taxes.
It all goes back to the tax reform passed by Congress. The changes increased the incentive to move to the sunshine state dramatically.
On Sunny Isles Beach, developer Edgardo Defortuna has a lot to smile about. His development Jade Signature, an ultra-luxury beachfront condominium building, is nearly sold out.
“We have 7 units left of 192,” Defortuna said. His timing could not be better as affluent buyers are shopping for one of a kind home. “Yes, the timing was perfect and now we are targeting those buyers that want immediate gratification. We are finishing some of the unit so they can basically bring their suitcases and move in.”…
“People are just saying they want to get out of here in droves because the dollars involved that we are losing, tax-wise, is not worth it to stay,” Horowitz said.
New York has the power to correct this. All they have to do is make living in the state more desirable.