Property managers and local officials in Florida are noticing an increase in California billionaires looking to relocate, primarily due to worries over a potential wealth tax.
A new initiative from the Service Employees International Union of Health Care Workers West aims to impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. Although this proposal hasn’t made it onto the November 2026 ballot yet, it’s already driving some wealthy individuals to consider the Sunshine State as their next home.
Brett Harris from Bespoke Real Estate in Miami remarked, “These billionaires in California are fleeing from the wealth tax.” Interestingly, he has three contracts amounting to over $600 million in the works.
Chase Berger, an attorney focused on real estate, also noted a rise in “stealth ownership” transactions where affluent clients are discreetly purchasing land in Florida. “It used to be just a few each year, and now it’s dozens,” he explained, emphasizing that it’s becoming a kind of residency battle against California.
As demand for coastal real estate surges, Florida developers are preparing areas beyond Miami and Palm Beach for new arrivals. Palm Beach County Commissioner Maria Sachs reflected, saying, “Florida is the new California,” likening the current influx to the migration trends of the ’50s and ’60s when families flocked to California for work and a better environment.
In reaction to the proposed wealth tax, California Governor Gavin Newsom has voiced his opposition, stating it “makes no sense” and could be detrimental to the nation. He mentioned, “I have a very specific agenda I’m trying to follow” and expressed concern about the potential consequences of these developments.
Newsom has remarked that overwhelming opposition to the tax proposal might lead to its defeat, as many people grasp its implications. Meanwhile, the International Union of Service Employees – Western Health Care Workers Union needs to gather enough signatures by June to get the measure on the November ballot, where voters would decide its fate.
