According to billionaire Stephen Ross, Florida is going to continue to be overrun by New Yorkers fleeing their home state because of taxes and crime.
The real estate developer says the ease of living in the Sunshine State is a draw for those wanting to escape from the high taxes and high crime of the Big Apple, according to the New York Times.
Ross told Bloomberg News on Wednesday he has plans to develop more real estate in Florida for commercial businesses and plans to do this outside of the east coast cities of Miami and West Palm Beach. Ross said, People are looking from the Northeast and relocating for jobs - not retirement - and companies are looking for offices. Its tax issues, and theres the security issues. He added, Theres just the ease of living.
Ross explained that commercial development is due to the demand for office space in the state. The influx of residents has been significant in the past 24 months, and he plans to keep up with the states growth.
According to the Bloomberg Billionaires Index, the real estate tycoon has a net worth of $8.39 billion as of Thursday. Ross noted Florida is no longer the place to retire. Instead, the attraction is that younger and wealthier career-oriented individuals are on the fast track to Florida.
Ross said, New York will continue to grow, but it has its challenges, and many people who dont have to be there are not looking to be there. Its changing; its getting younger; the older people are moving out, the wealthier people are moving out.
We have huge investments, were still doing tremendous developments in New York. Rosss company is bidding to build a casino resort in Manhattan. Ross notes that New York City is still attractive to the younger crowd, which keeps the business community involved.
In Florida, last year, Rosss company had an alliance with Swire Properties to build one of the tallest skyscrapers in Miamis stylish and trendy Brickell neighborhood. Ken Griffin, who runs Citadel, has plans to relocate its headquarters from Chicago to Miami.
The Florida Department of Highway Safety and Motor Vehicles reported 64,500 former New York state residents moved to Florida last year, which is more than any other year in the states history. In 2021, 61,728 made the change from New York to Florida.
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