The ultra-rich are voting with their feet, andFlorida is winning big.
It’s no secret that billionaires aren’t happy with a 5%wealth tax on the California ballot— and one South Florida enclave is the newest landing pad for ultra-wealthy expats from the Golden State.
Manny Angelo Vargas — an ultra high-end builder for billionaires and celebrities — told The Post he is seeing an “enormous influx of inquiries, purchases and relocations” from the Golden State.
Vargas has built projects for stars like Lil Wayne and Rick Ross — as well as lower-profile billionaires who made their riches in California, especially the San Francisco Bay Area.
He’s actively working on projects with half a dozen billionaire families and there are many others on the way, Vargas said — as not just CEOs, but entire executive teams eye Miami as a friendlier alternative to California.
There are about a dozen total billionaires that are eyeing opportunities for land acquisitions or home remodels in South Florida, he added.
“The billionaire tax wasthe breaking point of Californiabeing anti-business and anti-billionaire,” Vargas added. “It reenergized South Florida to epic proportions.”
The billionaire tax, which proposes a 5% levy on the total wealth of billionaires to fund healthcare and education, is bound for the November ballot after organizers gathered more than 1.5 million signatures.
California's top news, sports and entertainment delivered to your inbox every day.
The plan triggered an exodus of billionaires starting late last year — as much as$1 trillion in total wealthhas left the state, according to one estimate.
Source: California Post – Breaking California News, Photos & Videos
