Experts warn next California exodus has been triggered as brokers are flooded with calls (SpaceX in Florida)

A massive exodus out of California is expected to happen after SpaceX’s historic and OpenAI’s confidential IPO, unleashing an unprecedented wave of tech millionaires to Florida.

Following SpaceX’s IPO on June 12 that set the company’s valuation above $2 trillion and made Elon Musk the world’s first trillionaire, around 4400 SpaceX employees also became millionaires.

“The California area codes have already started showing up. It’s just that the conversations are evolving,” Fort Lauderdale Downtown Development Authority CEO and President Jenni Morejon said to Fox News.

“The wealth doesn’t hide here… and I really think what we’re seeing now with AI founders, with the era of liquidity, with SpaceX, is a generation that’s used to speed and being very public,” she continued on.

In December, Google’s co-founder Larry Page spent $173.4 million on two homes in Miami and Meta CEO Mark Zuckerberg followed suit just months later, dropping $170 million on a Miami mansion in March.

Other prominent tech billionaires such as Palantir co-founder Peter Thiel and Amazon founder Jeff Bezos have also officially left the Golden State to protect their fortunes.

“There is going to be this transitional event with the IPO where executives are finally gonna see probably the biggest cash day most of them have ever seen in their lives. And many of them are not making millions, they’re making tens of millions overnight,” said Joe DaGrosa, the Chair of DaGrosa Capital Partners.

“Florida is going to sink into the Gulf with all those people down there.”

Fifteen years ago I-95 in the Miami area used to slow to a crawl at 7am.

I haven’t been on I-4 near Orlando for about 15 years, but it was notorious for daytime traffic jams back then.

The property taxes are $71K annually.

Unlike the taxes on far lesser properties, the $71K should pay for the "education" of any kids living in the house and a whole lot who are not.

It is doubtful the kids from that house would be sent to public school, so more savings to the town and district.

And the cost of infrastructure, etc.

Most likely they have multiple houses. If you can afford to buy a $20 million house you probably have one in a city area. Like in the Beacon Hill area of Boston. Right down the street from John Kerry.

Then you have this house in North Hampton, NH for the weekends. Then the house in Aspen or Sun Valley for when you want to go skiing in the winter. Maybe if you do not want to spend as much you have a house at Loon, NH or Okemo, VT. Then the house in Naples or Palm Beach that you go to in the winter when you want it warm.

Then there are the boats. I mean plural too. You have at least one in Florida. Another in Rye Harbor, NH or if it is really big you have it at Wentworth By the Sea. On Newcastle, NH. That is typically where the bigger yachts are kept.

People that have seven to eight figure incomes live in an entirely different world than YOU and ME. $71K in real estate taxes might be a deal if it lowers their income tax by half. If your income is multiple millions annually.

You are correct too when it comes to funding the public schools. People who can afford to buy a house like this send their kids to Phillips Exeter, Cushing, Lawrence Acadamy, the Groton School, etc. Prep schools that cost more than many private colleges.

This is similar to some of the big lakes in NH. Lakes where people have $5 million lake houses in Moultonboro, NH. Mitt Romney had one there. It was valued around $5MM when he ran for POTUS. He paid a lot of taxes there, but did not have any kids in the local schools.

Just for fun go to Realtor.com.
Do a search in the entire state of West Virginia.
Put in the parameters of 50 acres or minimum.
With a house at least 2000 square feet.
You will be amazed the size of farms and houses you can buy there for very cheap in comparison to anywhere else in the USA.

The only are that gets more expensive is the eastern most section of the state on the Maryland/VA border. Locations that are two hours or less from DC.

There was a place that sold a few months back that was around $2MM. It was an 8000 sq ft house on 50 acres. It looked like a property that would be $10MM anywhere else.
I think it would have cost $4 million to replace today.

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