California billionaires are headed to Miami. We mapped out where they are spending millions.

"What had happened was that there was a ringleader, Larry Page, who closed on his property the last days of December, and that sounded the alarm for the others. It's like a gold rush. Over the past couple of months, Google cofounder Larry Page has spent more than $180 million on three properties in the county, and reports indicate that his cofounder, Sergey Brin, and Meta CEO Mark Zuckerberg are not far behind."

"The impetus may be a proposed wealth tax in California that, if passed, would subject residents with a net worth of more than $1 billion to a one-time 5% tax on their wealth. Florida famously has no state income tax - a fact that proponents of the Sunshine State proudly say is written into its constitution."

"The market ceiling keeps rising because you can't add more single-family lots. Long a bastion for the wealthy, these tech billionaires are bringing a new kind of money to the area - and pushing up home prices in prime waterfront neighborhoods."

California's proposed billionaire wealth tax, which would impose a one-time 5% tax on residents with net worth exceeding $1 billion, has triggered a migration of ultra-wealthy tech entrepreneurs to Miami. Larry Page initiated this trend by spending over $180 million on three properties in recent months, prompting Sergey Brin and Mark Zuckerberg to follow suit. Florida's constitutional prohibition on state income tax makes it an attractive alternative. This influx of billionaire wealth is significantly impacting Miami's real estate market, particularly in prime waterfront neighborhoods, where limited single-family lots are driving property prices upward. The phenomenon has been characterized as a "gold rush" by local real estate agents.

Read at Business Insider