search

The Real Deal Logo

Trending

LA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsBrookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouse
New York

Miami mayor challenges Eric Adams to debate

Francis Suarez will join TRD at the NYC Forum on May 8. Will Adams?

Miami Mayor Francis Suarez
Miami Mayor Francis Suarez

Miami’s mayor has made no secret of the fact that he’s coming for Silicon Valley — and now he’s targeting New York City, too.

Suarez was featured in a video posted to The Real Deal’s social media over the weekend, saying that he would come to TRD’s May 8th NYC Real Estate Forum to tell NYC mayor Eric Adams “why it is that we’re eating his lunch.”

But if you listen closely to the video, you’ll hear Suarez acknowledge that Miami has some catching up to do.

Sign Up for the undefined Newsletter

The relationship between New York and Miami is a close one. Long a second home and popular vacation destination for New Yorkers, South Florida became a full-time home for many during the pandemic. Just in 2023, more than 90,000 New York state residents moved to Florida, according to data from the Census Bureau.

Miami certainly does have better weather, if you don’t count the hurricanes. But both cities have their challenges, such as affordable housing shortages and climate change. Both have their advantages, too.

Mayor Adams hasn’t agreed to a face-off just yet. But he does have reason to defend his city before a real estate audience. The industry overwhelmingly supports his pro-development, anti-crime agenda, but has not hesitated to invest in Miami and elsewhere.

Beyond that, Adams has set ambitious goals for housing production with a “moonshot” plan to add 500,000 units in a decade, and he’ll need somebody to build them — and to push Albany to pass laws to make it possible.

Questions remain over whether the New York-to-Miami migration trend has staying power. But some of those losses have real effects on the city. The top 1 percent of earners in New York City account for more than 40 percent of its personal income tax revenue. New York City has lost 10 billionaires in the past four years, which could represent a significant hit — though it’s also been reported that millionaires have been pouring back into the city.

So, will the mayors go face-to-face? Check back on TheRealDeal.com for more program updates. And be sure to grab your tickets to the NYC Real Estate Forum today.

Tags
TRD Forum