Valuetainment - November 06, 2025


＂NYC Exodus COMING＂ - Miami Realtors SOUND ALARM As Thousands Flee Over Mamdani’s Win


Episode Stats

Length

15 minutes

Words per Minute

199.10983

Word Count

3,042

Sentence Count

229

Misogynist Sentences

2

Hate Speech Sentences

3


Summary

Miami realtors pitch safe spaces for millionaires fleeing Zoran Mandami s New York City. The latest on the race for mayor of NYC and how that could impact real estate in South Florida. Plus, a look at the impact on real estate prices in the Sunshine State if Mandami is elected.


Transcript

00:00:00.000 The story comes up in Financial Times.
00:00:01.560 Miami realtors pitch safe spaces for millionaires fleeing Momdani's New York.
00:00:05.820 I'm coming to you with this one, Barry.
00:00:08.040 So if you want to pull up this video, Rob, I think you've got a video on this one here.
00:00:11.860 Let me go to this one.
00:00:12.920 I'll read it, and then we can turn over to the video.
00:00:15.360 So a few days before mayoral election, luxury real estate developers Isaac Toledano joked that a lot of Floridians are going to give Momdani an award for being the best broker of the year.
00:00:26.160 Toledano is one of several Miami-based developers hoping to cash in on what they anticipate will be an influx of high-network New Yorkers escaping to the Sunshine State.
00:00:37.420 If Democratic Socialist Momdani wins the city's mayoral race this week, fears that Momdani's left-wing policies will drive the wealthy.
00:00:44.620 Rob, do you have a video on this one?
00:00:45.720 Yeah.
00:00:45.820 We'll leave fear that Momdani's left-wing policies and the wealthy New Yorkers have circulated since the 34-year politician unexpectedly clinched the Democratic primary.
00:00:55.820 Billionaire hedge fund manager Bill Ackman, who has poured cash into opposing Momdani's campaign, predicted an exodus of companies and individuals to New York.
00:01:03.960 Go ahead, Rob.
00:01:05.420 On you at 6, some here in South Florida have their eyes on the race for mayor in New York City.
00:01:10.260 That was an interesting point.
00:01:11.460 South Florida realtors say they've been contacted by New Yorkers already looking to move to the Sunshine State if self-described Democratic Socialist Zoran Mandami is elected mayor of New York City.
00:01:24.520 CBS News Miami's Brie Buckley looks into it.
00:01:27.740 A lot of people are worried.
00:01:28.940 Isaac Toledano is the CEO and founder of BH Group Miami, a high-end real estate development firm.
00:01:35.120 He says the race for mayor in New York City could impact South Florida.
00:01:39.260 We already see a lot of New York buyers and their brokers and agents and representatives already looking to buy real estate and getting information.
00:01:49.780 His clients say they're worried if self-described Democratic Socialist Zoran Mandami is elected mayor that crime will rise as well as taxes.
00:01:58.200 He campaigned to lower the cost of living for the working class, proposing a rent freeze and free bus service, partially funded by raising taxes 2% for top earners.
00:02:10.060 Mandami has been leading the polls against Republican...
00:02:12.620 You stop already because it's official now.
00:02:13.660 So what do you think?
00:02:14.400 Do you think it's going to be a big net positive for South Florida and Florida in real estate?
00:02:19.540 I think it will have an influence because of the two things that were mentioned there.
00:02:23.320 One is obviously taxes do have an impact.
00:02:26.200 We know that, right?
00:02:26.880 In Florida, there's zero state income tax.
00:02:30.620 And then when you look at the crime, you talked about it earlier.
00:02:34.040 If crime rises and if there's extraordinarily lenient laws towards criminals and you invite more criminals in because of that incentive,
00:02:44.160 there's only so much that people could take because you worry about your safety.
00:02:46.780 I think that those two items could be big influencers.
00:02:51.600 And if you have people move down here, right now we have a bit more supply in Florida.
00:02:56.300 So I don't think it would have a big influence on prices immediately.
00:03:01.140 I think it would just stabilize things, maybe some modest gains.
00:03:04.540 But if the trend continued, it could push prices higher here.
00:03:08.520 There's also a lot of development, too, so we have to weigh the two against each other.
00:03:11.800 Tom, what do you think?
00:03:12.640 Well, I think there's two things.
00:03:16.600 There's the emotional response on the surveys you see now, and then there's the reality of it.
00:03:22.860 And the reality of it is that what he's doing is going to have an immediate economic impact on New York.
00:03:30.600 The taxes are coming.
00:03:31.660 Things are happening.
00:03:32.280 He's really doing things.
00:03:34.380 So it's not just the guy got elected that I don't like, okay, and he stalemated because the city council is over here and these guys are over here.
00:03:42.600 And then, you know, they get stalemated just like a president gets stuck.
00:03:45.220 So nothing really changes in your life yet.
00:03:49.520 But what he's talking about is about to change.
00:03:52.280 And I think when people see what's coming to New York and people see the tax rates and they feel the change and they see the businesses that did move out, remember, elections swing on four points in the middle.
00:04:03.840 And right now there's a swing that's going to happen, and people are going to feel it.
00:04:09.440 So I think they're going to be going.
00:04:10.940 Now, are they going to be – is it going to be like we saw from – and remember, we've seen this story.
00:04:16.700 We saw it in the stats from U-Haul.
00:04:18.840 U-Haul that was paying college students – I think it was $2,000 for two college students to drive a U-Haul from Dallas back to California during spring break.
00:04:29.980 They were saying, hey, spring break job from U-Haul because they had too many trucks that had come to Texas.
00:04:35.920 And so when you start seeing that, I think it's going to be very, very real.
00:04:39.800 But I think he's going to start doing things on day one.
00:04:42.480 He can't wait.
00:04:43.920 And that along with that was left, that's why I think you're going to see that first wave come.
00:04:50.540 And they're going to come down here.
00:04:52.300 But back to Barry's point, a very good point.
00:04:55.120 I want them – come down here with your roofing business.
00:04:57.680 Come down here with your heating, air conditioning business.
00:04:59.820 We have a shortage.
00:05:00.980 Come down here with your home services businesses.
00:05:03.440 We have shortages.
00:05:04.300 Come down here with your window retrofit businesses.
00:05:08.100 We have shortages of people available to do those jobs and find affordable housing outside the city areas for your people.
00:05:18.440 That's what I want.
00:05:19.500 I think they're going to move.
00:05:20.580 I think it's going to move because he's really going to do stuff fast.
00:05:23.700 I think the safety issue is a big one.
00:05:26.720 That's a big one.
00:05:27.520 Here's a clip of him talking about letting out prisoners.
00:05:29.720 Go ahead, Rob.
00:05:30.540 Oftentimes we've even found as legislators when we go into these courts,
00:05:33.800 the term violent crime is even used when people are stealing packages.
00:05:38.260 Violent crime is even used when people are accused of burglary and there happens to be a housing unit in that same dwelling.
00:05:44.640 So violence is an artificial construction.
00:05:47.140 We have to be very clear that what is happening here with these district attorneys, that is violence.
00:05:53.720 So the guy that broke into your house, a home invasion to rob you, that's artificial.
00:06:00.180 Yeah, that's why I mean the safety issue.
00:06:02.400 I think that's what really speaks to people that would drive them to be.
00:06:05.140 Money is important, but your safety, that can be a very visceral response that we got to get out of here.
00:06:11.100 Yeah.
00:06:11.240 I mean, look at what COVID, what was the reason COVID, we had such a reaction to it.
00:06:16.020 You stay home and don't take your kids to school.
00:06:18.320 Excuse me.
00:06:19.300 I'm out of here, right?
00:06:20.820 So was it that?
00:06:22.380 Was it the vaccine?
00:06:23.820 Was it the force?
00:06:25.440 Probably a lot of it was combined, but one of it was, you know, your kids can't go to school.
00:06:30.140 Let me go to a place where my kids can't go to school.
00:06:31.780 I'm going to go to Florida.
00:06:32.940 I'm going to go to a different place.
00:06:34.200 And by the way, the number of votes that Cuomo got, I'm not saying that people are going to the polls saying,
00:06:39.140 Oh, Cuomo.
00:06:40.320 Yeah.
00:06:40.520 I think it was hold my nose and it's not a vote for Cuomo.
00:06:43.380 It's a vote that I can't risk having one down.
00:06:46.460 Yeah.
00:06:47.020 Brandon.
00:06:47.300 This is going to be bad for Florida.
00:06:48.760 I mean, there's only 220,000 open homes for sale right now.
00:06:52.560 And then there's 385,000 millionaires in New York.
00:06:55.820 Like right now, it's insane.
00:06:57.700 Like look at a million dollar house down the street from here or any like any average looking house.
00:07:02.320 It's like a million dollars.
00:07:03.380 And then for 500,000, you get a concrete box.
00:07:06.020 So, no, I think this is like between cutting rates and this, it's going to be a bad situation in Florida for real estate.
00:07:12.160 Yeah.
00:07:12.300 So, you think cutting rates.
00:07:13.900 So, what you're saying is the market is going to go up.
00:07:16.880 Valuation is going to go up.
00:07:17.580 How could it not?
00:07:18.260 I mean, it's like every single time we cut rates, price of houses and asset prices go up.
00:07:22.780 I mean, it's like a law of nature.
00:07:25.140 Okay.
00:07:25.440 So, how do you feel about that?
00:07:26.300 What do you think?
00:07:26.660 What are we saying?
00:07:27.240 I see it differently.
00:07:28.620 I think that across the United States, you have about 67% of people own homes.
00:07:35.400 So, prices going up is a good thing.
00:07:37.620 And of the remaining 33%, at least half of those are not in a position where they're going to be truly in even the market to buy a home.
00:07:46.860 The 16-year-old working at Wendy's, God bless them, but they're not truly in the market to purchase a home.
00:07:53.360 And there's many people that would not be in that position.
00:07:57.780 So, how much does home price increases impact those adversely?
00:08:03.760 I think it's, you know, look, it's a zero-sum game.
00:08:06.000 Some people it benefits, some people it doesn't.
00:08:07.820 But I think it benefits many more people.
00:08:10.000 It benefits the economy.
00:08:11.040 Look, home price appreciation is a magical elixir because what it does is it creates wealth.
00:08:17.460 It creates equity.
00:08:18.700 In fact, there's a chart that you could see that I brought with me that shows that if you took a look at net worth and what it takes to be in the net worth category, it's probably near the end there, Rob, and you'll see for net worth.
00:08:31.980 There's a couple of things I'd love to show.
00:08:33.580 Last slide, Rob.
00:08:34.860 If you pull that up, you can see what it takes to be in the top tier in the United States.
00:08:39.520 You need top 1% as a big number, $11.6 million.
00:08:43.280 And you can see the tiers.
00:08:44.600 But the real key factor is two-thirds of all net worth come from home equity.
00:08:48.260 It is very hard to create wealth without being in the real estate game.
00:08:53.160 And the average homeowner's net worth is 44 times that of a renter.
00:08:57.160 Now, let me tell you, as somebody who's lived through downturns in real estate, I know people wish for it and people say, oh, we need prices to come down.
00:09:03.800 That is a very, very difficult scenario to go through because from a mortgage side, you can't get a mortgage easily because the appraisers put something called the negative time adjustment.
00:09:14.300 So you say, okay, I could do it with 5% down or 10% down.
00:09:17.220 But the appraiser says this property is going to decline because home prices are coming down.
00:09:20.560 So you need to put 15%, 18%, 20% down because we're anticipating the price to decline.
00:09:26.460 It makes it very, very difficult.
00:09:28.300 Lenders tighten up.
00:09:29.560 The whole market seizes.
00:09:30.840 And then people don't want to buy a home if they see prices coming down.
00:09:35.300 They're afraid.
00:09:35.860 It's just like the stock market.
00:09:37.200 People buy more stocks as it's going up.
00:09:39.300 People should be buying when it comes down.
00:09:41.000 They don't, right?
00:09:41.880 It's the only things that when they go on sale, people don't want them is real estate and stocks, right?
00:09:46.600 So what happens is that psychology, it materializes through the economy in general, and it slows the economy dramatically.
00:09:54.820 And then think about home equity.
00:09:56.300 Home equity is something that is also magical.
00:09:58.580 You could pull on it.
00:09:59.320 You could pay off your debt burden.
00:10:00.720 You can invest with that money.
00:10:02.440 When you sell your home, it could be your retirement plan.
00:10:05.360 So, look, while I completely get what you're saying and you're 100% right, we don't want runaway appreciation.
00:10:12.000 But I think to see prices come down would probably be worse than that.
00:10:16.840 But we're not in a sustainable place right now where it's like, you know, we talk about all the time in the 70s.
00:10:21.080 It was two and a half years of an average salary to buy an average-priced house.
00:10:24.660 Today, it's like eight or nine years of an average salary to buy an average-priced house.
00:10:27.820 And I see what you're saying about the 65% that own houses in the country.
00:10:31.260 But I think you're overlooking like the core part of the economy, people ages maybe like 20 to 40 who are looking to buy a house who – I mean, it's a stretch to buy an average-priced house right now for a lot of those people.
00:10:43.740 So is that a healthy place to be in where the core of your economy, like the young to mid-age people, can't afford to buy a house?
00:10:50.920 It's clearly a problem because what has happened.
00:10:53.480 So you're right there.
00:10:54.780 That is – it's clearly a problem because it used to be the median age of a first-time homebiter was between 32 and 33 years old.
00:11:02.620 Today, that's gone to 40.
00:11:04.580 However, there's only three levers you could pull for affordability, right?
00:11:08.920 This is not a magic formula.
00:11:10.600 Prices come down, which I just explained why that's not good.
00:11:13.480 The second is interest rates come down.
00:11:15.220 And remember, we have had quite the shock going from very low rates at around three up to eight, now back in this, let's call it six and a half-ish range, six and a quarter.
00:11:24.940 So there's been quite the shock there along with prices rising.
00:11:29.540 The third is time.
00:11:31.660 And the reason why time is because incomes do rise over time.
00:11:35.780 You don't need all of your income.
00:11:36.920 Not at the same pace, though.
00:11:37.780 You don't need it at the same pace because you don't use 100% of your income.
00:11:40.860 You can't do the simple mathematical equation and say, okay, so incomes are rising at 4.6% or 4.7%.
00:11:47.100 We just got these numbers this morning from ADP.
00:11:49.380 And home prices are rising at the same level, so you're not gaining ground.
00:11:53.380 You are gaining ground because you only use a third of your income.
00:11:56.680 So that additional disposable income actually helps you gain traction.
00:12:01.160 The math is in a one-for-one.
00:12:02.680 If you get, for example, 2% rise in income, you can withstand a 4% price rise and still be neutral because of the relative difference,
00:12:10.340 and you don't use all your income.
00:12:10.960 You're talking about like the time decay of the mortgage where you're paying less over time?
00:12:13.580 No, no.
00:12:13.920 It's just that when you figure out your allocation of your income, you're only using, let's call it, 30% of your income to purchase a home on your mortgage or home payment.
00:12:23.900 So you don't need – you get 5% gain on overall income.
00:12:29.620 That's more than what you need for the increase in home value.
00:12:32.660 Yeah, but I mean how do you apply that to back in the day though where, like I said, it's 2.5 times your income versus 8 times your income.
00:12:40.520 You don't get as much house as you used to.
00:12:42.660 But you always have to be careful when dealing with medians.
00:12:45.980 Medians is a very dangerous game to play because, once again, if you look at median income of everyone, that's one thing.
00:12:54.160 But if you say of those who are actually able to buy a home, let's exclude the 16-year-olds, let's exclude the 19-year-olds, then the median income becomes much greater when you say those who are actually qualified.
00:13:07.060 I'm completely in agreement that affordability has gotten worse.
00:13:10.460 What I'm saying is there's a lot of clickbait out there that make the picture look a lot worse than it truly is.
00:13:15.200 2026 is around the corner.
00:13:16.640 Craziness is going on.
00:13:17.700 For some of you guys that have big plans for 2026, I will remind you, whatever you do, do not go into 2026 without a business plan.
00:13:28.840 It'll be a big mistake you're making.
00:13:30.780 There are way too many moving parts.
00:13:32.700 You know, every year when we do the business planning workshop, I openly talk about what threats and events we're concerned about happen in the next year.
00:13:40.920 We openly share with you, here's what we're looking at.
00:13:43.540 Here's what we're seeing as possible enemy, and here's what we're seeing as an operator, the opportunities that exist for us.
00:13:49.740 And we openly share it with you.
00:13:51.580 We share with you how we're growing our YouTube channel and our media company, what our consulting firm is going.
00:13:56.700 We're sharing our strategies with you.
00:13:58.300 If you're somebody watching and saying, I'm sick and tired of playing small.
00:14:01.540 I want to take my life and my business to the next level.
00:14:04.180 The business planning workshop on December 12th is for you.
00:14:06.420 But number two, if you're somebody that's running a business and you are already a millionaire, we have a lot of people that watch this content, you're doing 10 million a year, 100 million a year.
00:14:13.740 Maybe you're doing a billion a year, you've got a couple thousand employees, but you've gotten to a point where you're bored and it's repetitive.
00:14:20.620 And it's just kind of like you're doing the same thing over and over and over again.
00:14:23.580 This is a very, very good event to even wake you up as a leader of the company.
00:14:27.740 So quietly, you can kind of get on the business planning workshop.
00:14:30.620 It's not something that you have to be physically here from anywhere in the world.
00:14:33.840 So if you haven't yet registered yet, click on a link below, get registered December 12th.
00:14:39.100 Let's spend an entire day together.
00:14:40.320 We go through a 200 page manual together, which everybody will get, or you can go to bpw.betdavidconsulting.com.
00:14:46.860 Again, bpw.betdavidconsulting.com.
00:14:50.700 Looking forward to seeing you guys there on December 12th.
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