Ron DeSantis urges tax-weary New Yorkers to flee and ’embrace’ Florida – blasts Mamdani tax hike

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Ron DeSantis urges tax-weary New Yorkers to flee and ’embrace’ Florida – blasts Mamdani tax hike

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Florida Gov. Ron DeSantis has a message for frustrated New Yorkers: there’s a better place to be — and it’s the Sunshine State.

In a recent interview with Sean Hannity, DeSantis criticized New York City Mayor Zohran Mamdani’s tax agenda, saying the city’s problem will not be solved by raising taxes on property owners.

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“I saw your clip with Barack Obama saying, oh, Mamdani, what he wants to do is help people get housing,” said DeSantis (1). “Well, Sean, if that’s the case, why did he propose earlier this year the largest property tax increase in New York City history?”

Mamdani faced controversy in February after proposing a 9.5% property tax increase as a “last resort” to help close a multibillion-dollar budget gap if Albany does not agree to tax increases on corporations and the wealthy. Such a property tax increase would affect more than 3 million residential units and more than 100,000 commercial buildings across the city (2).

DeSantis said the proposal would have affected millions of New Yorkers, including “police officers and firefighters and nurses,” and said it undermined Mamdani’s view that his policies were meant to make life easier.

“The idea that you’re going to help people buy houses — no,” DeSantis said. “He’s going to push a Marxist agenda. He’s a leftist. That’s what they do.”

DeSantis also focused on how Mamdani delivered his “tax the rich” message — including targeting billionaire hedge fund manager Ken Griffin.

On Tax Day, Mamdani released a video outside 220 Central Park South, where Griffin owns a four-story condo that he bought for about $238 million in 2019. In the video, Mamdani pointed to Griffin’s home while promoting the proposed pied-à-terre tax on luxury second homes in New York City (3).

“This pied-à-terre tax is specifically designed for the very rich. Those who keep their wealth in New York City, but don’t actually live here,” Mamdani said in the video.

“If you go in front of somebody’s house and you try to look at that and put it out in the world hopefully, I believe they were trying to scare people into maybe doing something worse,” DeSantis said in the video. “Yeah, you’re going to want to run from that place, and you’re going to want to embrace Florida, so I’m not surprised they’re doing that.”

Mamdani’s latest moves have sparked new concerns that wealthy residents and businesses may leave New York City — and take their money with them. DeSantis, for his part, is clear when he thinks Florida has an advantage.

“It is clear that we are a low-tax country, and we are proud of that,” he said.

States like Texas and Florida have long marketed themselves as lower-tax alternatives to more expensive states like New York. Both Texas and Florida levy no personal income tax, which is particularly attractive to high earners, while also maintaining business-friendly tax and regulatory jurisdictions.

‘Obligation to pay as little tax as possible’

While moving to a low-tax country can help high earners keep more in their pockets, it’s rare for wealthy families to rely solely on that to lower their tax bills.

For decades, high-net-worth individuals have used proven strategies — and certain types of assets — to legally reduce what they owe the IRS. According to a report from ProPublica, some billionaires in the US paid little or no taxes compared to the vast amount of money they collected (4).

This is because billionaires build their wealth from assets – not salaries. As the value of these goods rises, so does their value – and as Mamdani’s pied-a-tierre tax shows, the US tax system is not designed to fully capture those gains. Capital gains are generally taxed at lower rates than ordinary income, and taxes are not owed until the assets are sold.

In fact, as NYU Stern professor Scott Galloway says, if you’re trying to build wealth, “you have an obligation to pay as little tax as possible.”

One asset class that America’s wealthy have relied on for decades is real estate — in part because of the generous tax treatment it receives.

If you earn rent from an investment property, you can claim a deduction for a wide range of expenses, such as mortgage interest, property taxes, insurance and ongoing maintenance and repairs.

Real estate investors also benefit from depreciation — a tax deduction that recognizes the gradual wear and tear of a property over time. Investors can use tools like reinvestment and 1031 exchanges to keep their money compounded instead of cashing out.

Today, you don’t need to be a millionaire – or buy one outright – to invest in real estate. Platforms like mogul provide an easy way to gain exposure to this income-generating asset class.

This real estate investment platform offers fractional ownership in blue-chip rental properties, offering investors monthly rental income, real-time appraisals and tax benefits – without the need for a large down payment or 3 AM tenant calls.

Founded by former Goldman Sachs investors, the team selects the top 1% of single-family rental properties nationwide. In other words, you get access to an institution-quality offering at a fraction of the normal cost.

Each building undergoes a rigorous inspection process, which requires a return of at least 12% even in the worst cases. Across the board, the platform features an average annual IRR of 18.8%. Offerings typically sell out in less than three hours, with investments typically ranging between $15,000 and $40,000 per property.

Another option is Lightstone DIRECT, which gives accredited investors access to high-quality multifamily institutional and industrial real estate – with a minimum investment of $100,000.

Founded in 1986 by David Lichtenstein, Lightstone Group is one of the leading private real estate investment firms in the US, with more than $12 billion in assets under management.

Over nearly four decades, their team has delivered strong, risk-adjusted performance through multiple market cycles – including a historical IRR of 27.6% and a total historical 2.54x return on investment realized since 2004.

With Lightstone DIRECT, you get access to the same multifamily and industrial deals that Lightstone pursues with its capital.

Here’s the kicker: Lightstone invests at least 20% of its capital in all deals — about four times the industry average. With skin in the game, the company ensures that its interests are directly aligned with those of its investors.

Read More: Robert Kiyosaki warned of ‘Greater Depression’ – with millions of Americans falling into poverty. Was he right?

Save more of what you earn

The wealthy don’t just focus on what they invest in – they also look closely at where that money lives. Using tax-advantaged retirement accounts can be a powerful way to keep more money compounded over time.

For example, traditional IRAs and Roth IRAs allow investments to grow tax-deferred or tax-free, depending on the type of account.

While many retirement accounts primarily hold stocks and mutual funds, some investors choose to diversify further.

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has repeatedly warned that most portfolios lack one key safety asset: gold.

“People don’t have, in general, a sufficient amount of gold in their portfolio,” he told CNBC last year. “When times are bad, gold is the most effective asset.”

Long seen as a safe haven, gold is not tied to any one country, currency or economy. It cannot be created by the whims of the big banks like fiat money, and in times of economic turmoil, market turmoil or global uncertainty, investors tend to pile in – increasing its value.

Despite the recent pullback, gold prices are still up nearly 40% over the past 12 months.

Another way to invest in gold that also offers significant tax benefits is to open a gold IRA with the help of Priority Gold.

Gold IRAs allow investors to hold physical gold or gold-related assets in a retirement account, thus combining the tax benefits of an IRA with the protective benefits of investing in gold, making it an option for those looking to help protect their retirement funds from economic uncertainty.

When you make a qualifying purchase with Priority Gold, you can get up to $10,000 in precious metals for free.

Work with an expert

At the end of the day, everyone’s financial situation is different – from income levels and investment goals to debt obligations and risk tolerance – which means that the best move for someone else may not be the best move for you.

If you’re not sure where to start, it may be the right time to contact a financial advisor through Advisor.com.

Advisor.com is an online platform that matches you with vetted financial advisors suited to your unique needs. They can help design a strategy that fits your financial situation, whether you want to protect your wealth, manage tax exposure or plan for long-term financial security.

Once you’ve been matched with a consultant, you can book a free consultation with no obligation to hire.