The realization hit quickly — and the moves happened even faster.
As California’s proposed “billionaire tax” picked up steam late last year, some of the country’s richest residents didn’t wait for ballots, lawmakers, or court fights. They relocated.
“Then a couple more flew into Miami, bought properties and closed within seven days,” luxury real estate broker Julian Johnston of The Corcoran Group told Fox News Digital. “So then it was a tipping point.”
Johnston said he’s currently working with three billionaires who want to move from California to South Florida, and that urgency, he claimed, is tied to the size of the potential bill.
“One client said, ‘You know, this could be like a $5 billion tax for me,’” he recalled. “So they’re moving because of that.”
Johnston said the buzz began at Miami’s Art Basel fair in early December and spilled into holiday gatherings on St. Barts.
“They’re all dining and wining together and talking about this proposed tax,” he said. “And then when the proposed tax gained speed, they then understood that they had to either rent or purchase something out of California to establish residency and reduce their net worth exposure to the proposed billionaire tax.”
He described the momentum as social as much as financial — friends watching friends make decisions, then following.
“It’s a melting pot and they’re all friends,” Johnston said. “The tipping point was when four or five of them bought and three more were going into contract. The rest of them, all their friends are here.”
He added that the pace has cooled in early 2026, and suggested some may have acted too late to avoid being captured by the proposal’s timing.
“Now that it’s… January, into 2026, it has slowed down a little bit,” Johnston said. “So if you didn’t buy or rent before the end of the year, it may be too late. It may apply to you no matter what now.”
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The proposal has not yet qualified for the November ballot. Backed by the Service Employees International Union–United Healthcare Workers West, it would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.
If voters approve the measure, the proposal says anyone who was a California resident on Jan. 1, 2026, would owe the tax.
Asked who is moving, Johnston pointed to “Palo Alto guys” who haven’t historically spent much time in Miami.
“There’s a few other very big founders and also tech giants and also venture capitalist firms, the heads of which I’ve also moved here,” he said. “It was always a layover, one night, an event, but Miami’s changed a lot in the last 10 years. It’s culturally more interesting… They said they were quite happy to move here and then see what happens in the next few years.”
Florida’s lack of a state income tax — for residents who live there at least 183 days out of the year — is often part of the pitch. But Johnston argued South Florida is offering more than what he described as competing low-tax destinations like Texas, Tennessee, and Nevada.
He said clusters matter: tech leaders and venture capital circles want to be near one another, and once a few establish a base, others tend to follow.
“I think that you have to look at the culture amongst these VC firms and tech guys, that they like to be around each other,” he said. “They’re already moving here… they’re gonna spend more time and then they’re going to have the multiplier effect of their friends coming in to spend time with them.”
He also highlighted lifestyle and broader confidence factors.
“Miami has a very outdoor lifestyle similar to California,” Johnston said. “I think that the climate suits them. I think there’s a lot of security here. Politically it’s safe and economically… two of the largest capital projects in the country are in Miami right now.”
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Johnston said some of the ultra-wealthy also believe their departure could have ripple effects beyond property deals — including investment capital leaving with them.
“That was a discussion point amongst some of them… They were talking about the fact that, [if] enough of them move, it’s actually gonna cause change,” he said. “It will financially change the landscape for the government’s budget… And they want reform… they want reform before they move back.”
After 25 years in luxury real estate, Johnston said this wave feels distinct — not only in the size of the fortunes involved, but in the speed with which buyers are trying to replant themselves.
“I think Florida has a positive net migration for the next 20 years… it’s a boomtown,” he said. “Those big companies are going to push the state to spend more money on just activities and amenities… because I do think it’s a [city of the future] for America.”
