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Florida Gov. Ron DeSantis has a message for frustrated New Yorkers: there’s a better place to be \u2014 and it’s the Sunshine State.<\/p>\n
During a recent interview with Sean Hannity, DeSantis blasted New York City Mayor Zohran Mamdani’s tax agenda, arguing that the city’s affordability crisis won’t be solved by raising taxes on property owners.<\/p>\n
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“I saw your clip with Barack Obama saying, oh, Mamdani, all he wants to do is help people afford housing,” DeSantis said (1). “Well, Sean, if that’s the case, why did he propose earlier this year the biggest property tax increase in the history of New York City?”<\/p>\n
Mamdani faced backlash in February after proposing a roughly 9.5% property-tax hike as a “path of last resort” to help close a multibillion-dollar budget gap if Albany did not agree to higher taxes on corporations and the wealthy. Such a property tax hike would affect more than 3 million residential units and over 100,000 commercial buildings across the city (2).<\/p>\n
DeSantis argued the proposal would have hit millions of New Yorkers, including “cops and firefighters and nurses,” and said it undercut Mamdani’s pitch that his policies are designed to make life more affordable.<\/p>\n
“The idea that he’s just out to kind of help people afford housing \u2014 no,” DeSantis said. “He’s out to push a Marxist agenda. He’s a leftist. That’s what they do.”<\/p>\n
DeSantis also took aim at how Mamdani delivered his broader “tax the rich” message \u2014 including by targeting billionaire hedge fund manager Ken Griffin.<\/p>\n
On Tax Day, Mamdani released a video outside 220 Central Park South, where Griffin owns a four-floor penthouse he bought for roughly $238 million in 2019. In the video, Mamdani pointed to Griffin’s home while promoting a proposed pied-\u00e0-terre tax on luxury second homes in New York City (3).<\/p>\n
“This pied-\u00e0-terre tax is specifically designed for the richest of the rich. Those who store their wealth in New York City real estate, but who don’t actually live here,” Mamdani said in the video.<\/p>\n
“When you go in front of somebody’s house and try to surveil that and put that out to the world in the hopes, I believe, they were trying to rile people up to maybe do something even worse,” DeSantis said of the video. “Of course, you’re going to want to run from that area, and you’re going to want to embrace Florida, so I’m not surprised that they’re doing that.”<\/p>\n
Mamdani’s latest moves have sparked fresh concerns that wealthy residents and businesses could leave New York City \u2014 and take their money with them. DeSantis, for his part, is clear about where he thinks Florida has the advantage.<\/p>\n
“We obviously are a low-tax state, and we’re proud of that,” he said.<\/p>\n
States like Texas and Florida have long marketed themselves as lower-tax alternatives to high-cost states like New York. Both Texas and Florida levy no personal income tax, which can be especially attractive to high earners, while also maintaining relatively business-friendly tax and regulatory environments.<\/p>\n
‘An obligation to pay as little tax as possible’ <\/p>\n
While relocating to a lower-tax state can potentially help high earners keep more in their pockets, wealthy households rarely rely on that alone to reduce their tax bills.<\/p>\n
For decades, high-net-worth individuals have used proven strategies \u2014 and specific types of assets \u2014 to legally slash what they owe to the IRS. According to a report from ProPublica, some billionaires in the U.S. paid little or no income tax relative to the vast fortunes they’ve amassed (4).<\/p>\n
That’s largely because billionaires build their wealth through assets \u2014 not wages. As the value of these assets rises, their net worth grows \u2014 and as Mamdani’s pied-a-tierre tax points out, the U.S. tax system isn’t designed to fully capture those gains. Capital gains are typically taxed at lower rates than regular income, and taxes aren’t owed until the assets are sold.<\/p>\n
In fact, as NYU Stern professor Scott Galloway once put<\/a> it, if you’re trying to build wealth, you have “an obligation to pay as little tax as possible.”<\/p>\n One asset class America’s wealthy have relied on for decades is real estate \u2014 in part because of the generous tax treatment it receives.<\/p>\n When you earn rental income from an investment property, you can claim deductions for a wide range of expenses, such as mortgage interest, property taxes, insurance and ongoing maintenance and repairs.<\/p>\n Real estate investors also benefit from depreciation \u2014 a tax deduction that recognizes the gradual wear and tear of a property over time. Investors can also use tools like refinancing and 1031 exchanges to keep their capital compounding instead of cashing out.<\/p>\n Today, you don’t need to be a millionaire \u2014 or even to buy a single property outright \u2014 to invest in real estate. Platforms like mogul<\/a> offer an easier way to get exposure to this income-generating asset class.<\/p>\n This real estate investment platform offers fractional ownership in blue-chip rental properties<\/a>, which gives investors monthly rental income, real-time appreciation and tax benefits \u2014 without the need for a hefty down payment or 3 A.M. tenant calls.<\/p>\n Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide<\/a> for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.<\/p>\n Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours<\/a>, with investments typically ranging between $15,000 and $40,000 per property.<\/p>\n Sign up for an account and browse available properties here<\/a> to get started today.<\/p>\n Another option is Lightstone DIRECT<\/a>, which offers accredited investors access to institutional-quality multifamily and industrial real estate \u2014 with a minimum investment of $100,000.<\/p>\n Founded in 1986 by David Lichtenstein, Lightstone Group is one of the largest privately held real estate investment firms in the U.S., with more than $12 billion in assets under management.<\/p>\n Over nearly-four decades, their team has delivered strong, risk-adjusted performance across multiple market cycles \u2014 including a 27.6% historical net IRR and a 2.54x historical net equity multiple on realized investments since 2004.<\/p>\n With Lightstone DIRECT, you gain access to the same multifamily and industrial deals Lightstone pursues with its own capital<\/a>.<\/p>\n Here’s the kicker: Lightstone invests at least 20% of its own capital in every deal<\/a> \u2014 roughly four times the industry average. With skin in the game, the firm ensures its interests are directly aligned with those of its investors.<\/p>\n Read More: Robert Kiyosaki warned of a ‘Greater Depression’ \u2014 with millions of Americans going poor. Was he right?<\/a><\/p>\n Keep more of what you earn <\/p>\n The wealthy don’t just focus on what they invest in \u2014 they also pay close attention to where those investments sit. Using tax-advantaged retirement accounts can be a powerful way to keep more capital compounding over time.<\/p>\n For instance, traditional IRAs and Roth IRAs allow investments to grow either tax-deferred or tax-free, depending on the account type.<\/p>\n While many retirement accounts primarily hold stocks and mutual funds, some investors choose to diversify further.<\/p>\n Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has repeatedly warned that many portfolios lack one key safe-haven asset: gold.<\/p>\n “People don’t have, typically, an adequate amount of gold in their portfolio,” he told<\/a> CNBC last year. “When bad times come, gold is a very effective diversifier.”<\/p>\n Long seen as the ultimate safe haven, gold isn’t tied to any single country, currency or economy. It can’t be created at will by central banks like fiat money, and in times of economic turmoil, market turbulence or geopolitical uncertainty, investors tend to pile in \u2014 driving up its value.<\/p>\n Despite a recent pullback, gold prices are still up nearly 40% over the last 12 months.<\/p>\n One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold<\/a>.<\/p>\n Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold<\/a>, making it an option for those looking to help shield their retirement funds against economic uncertainties.<\/p>\n When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in precious metals<\/a> for free.<\/p>\n Work with an expert <\/p>\n At the end of the day, everyone’s financial situation is different \u2014 from income levels and investment goals to debt obligations and risk tolerance \u2014 which means the best move for someone else might not be the best move for you.<\/p>\n If you’re unsure where to start, it might be the right time to get in touch with a financial advisor<\/a> through Advisor.com.<\/p>\n Advisor.com<\/a> is an online platform that matches you with vetted financial advisors suited to your unique needs. They can help tailor a strategy to your particular financial situation, whether you’re looking to protect your wealth, manage tax exposure or plan for long-term financial security.<\/p>\n Once you’re matched with an advisor, you can book a free consultation<\/a> with no obligation to hire.<\/p>\n You May Also Like <\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n Article Sources <\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines<\/a>.<\/p>\n YouTube (1)<\/a>,(3)<\/a>; New York City Office of Management and Budget (2)<\/a>; ProPublica (4)<\/a><\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. 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