(ZeroHedge)—Once again, the pattern is familiar: raise taxes in California, and watch the private jets head east.
Mark Zuckerberg may soon be adding Miami to his ever-growing list of luxury addresses. According to people familiar with his plans, the Meta founder and his wife, Priscilla Chan, are exploring a home on Indian Creek Island—an ultra-exclusive, heavily guarded neighborhood often called “Billionaire Bunker”, according to Bloomberg.
The tiny island is already packed with famous residents, including Jeff Bezos, Tom Brady, Jared Kushner, and Ivanka Trump.
With an estimated fortune north of $200 billion, Zuckerberg already owns multiple properties across California, Hawaii, Washington, D.C., and near Lake Tahoe. It’s not clear whether Florida would replace any of those homes or just become another stop on his real estate tour.
But the timing is telling. Bloomberg writes that California is considering a new wealth tax aimed at billionaires, including taxes on unrealized gains. The proposal has rattled investors and helped push several tech leaders out of the state. When Democratic policies start biting, it seems many billionaires suddenly “fall in love” with Florida.
Chamath Palihapitiya wrote on X: “With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago. The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly written bill, from a fringe union and a handful of socialist academics with an axe to grind, meandered its way into the public conversation without any action from him and freaked everyone out.”
“These were all people that were paying 13%+ in state income tax every year WITH NO COMPLAINTS UNTIL A FEW WEEKS AGO. And now, for the rest of time, the lost tax revenues from these folks will have to be paid for by the middle class because they are the only group left in California large enough that you can tax to fill the hole,” he continued.
“He’s forsaken the middle class instead of managing the budget, managing the deficit, eliminating even a portion of California’s gargantuan waste and abuse. He could have done any of these things at any point over the past 7+ years. But he was silent. And now California’s budget will implode and he wants to run for President.”
He isn’t alone in the migration. Google co-founders Larry Page and Sergey Brin have recently bought expensive homes in South Florida, adding to the region’s growing reputation as Silicon Valley’s backup headquarters.
Indian Creek remains one of the most exclusive spots in the country, with private security, limited access, and a golf course at its center—perfect for executives who prefer their privacy and their taxes equally protected.
Zuckerberg has also been spending more time around former President Donald Trump, visiting Mar-a-Lago in Palm Beach on several occasions.
Meanwhile, California’s proposed ballot measure would impose a one-time 5% tax on billionaires to fund social programs. In response, wealthy donors have poured millions into campaigns opposing it.
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