For years, California’s wealthiest tech founders talked openly about leaving the Golden State. Few followed through. Now, that long-discussed exodus appears to be accelerating as a proposed California ballot initiative targeting billionaires sends some of the world’s richest entrepreneurs scrambling to establish new residency — with Miami rapidly emerging as the preferred landing spot.
The measure, set to go before voters in November, would impose a one-time 5% tax on individual fortunes exceeding $1 billion. Crucially, the proposal would apply retroactively to anyone deemed a California resident at the time it takes effect. Advisers say that retroactive clause has transformed what once seemed like a distant political threat into an urgent deadline for the ultra-wealthy.
Sources familiar with the market say founders tied to companies including Netflix, WhatsApp and Stripe have been actively exploring relocations to Florida in recent months. The urgency has already translated into record-setting real estate purchases.
Google co-founder Larry Page appears to have moved decisively. In December, Page quietly purchased two waterfront estates in Miami’s Coconut Grove for a combined total of roughly $173 million — one property for just over $100 million and another nearby for approximately $72 million. According to people familiar with the transactions, the purchases coincided with efforts to disentangle his financial and residential ties from California ahead of the initiative’s cutoff date.
Miami brokers say Page is far from an outlier. Devin Kay of Douglas Elliman told The Post that multiple California-based billionaires have toured his listings in recent weeks, signaling a sharp escalation in interest at the very top of the market.
“I’ve seen a steady influx from California since COVID,” Kay said. “But the mega-billionaires — that’s much more recent. The last two or three months have been completely different.”
Sources say WhatsApp founder Jan Koum and Netflix co-founder Reed Hastings have both been searching for homes in Miami, while Google co-founder Sergey Brin has also discussed potential purchases in the area, though no deal has been finalized.
At that level of wealth, the motivation is straightforward, brokers say. A one-time 5% levy on billion-dollar fortunes could translate into nine- or ten-figure tax exposure.
“When you’re talking about that kind of money, the decision becomes obvious,” Kay said.
The influx is already reshaping Miami’s most exclusive neighborhoods. Brokers say a small number of ultra-wealthy buyers are rapidly resetting price expectations, making once-rare eight-figure sales look increasingly routine.
“Larry Page buying a $72 million property is a perfect example,” Kay said. “That same house sold just a few years ago for around $40 to $45 million, which was considered shocking at the time. These properties have multiplied in value in a very short period.”
Other agents say the current wave differs from earlier migration trends that followed the pandemic. While New Yorkers have long treated South Florida as both a second-home and relocation market, California’s wealth moved more slowly — until now.
“This feels like a moment,” said Compass agent Miltiadis Kastanis. “The California wealthy are no longer just visiting. They’re making serious, permanent moves, and the timing is directly tied to this tax proposal.”
Beyond tax considerations, brokers say Miami has worked aggressively to attract tech wealth by reshaping its infrastructure and lifestyle offerings.
“Florida is adaptive, and Miami is very forward-thinking,” Kastanis said. “The city is actively building an environment that tech founders recognize and feel comfortable in.”
Tax advisers are watching closely. Bloomberg News has reported that at least six billionaires have already severed California residency ties, with dozens more weighing similar moves. Others remain publicly resistant. Nvidia CEO Jensen Huang has said he plans to stay in Silicon Valley and would be willing to pay the tax if it passes, while some tech leaders believe voters will ultimately reject the proposal.
Still, even those not relocating are taking notice. Stripe founder Patrick Collison recently remarked after visiting Miami that the city feels like a “boomtown” in a way few other American cities do.
If the initiative passes, brokers and advisers say the trickle of billionaire departures could turn into a sustained flow — reshaping not just California’s tax base, but Miami’s housing market and identity for years to come.
READ NEXT: Miami-Dade Commission Votes To End Water Fluoridation
why not? 5% of $1,000,000,000.00 is only $5 million, just a drop in the bucket for all the crap that they create where they live.
The Dems stole the Miami Mayor’s seat, so how long before it turns into a mini L.A.?