Why did Larry Page buy property in Miami?

Larry Page purchased Miami properties to establish residency in Florida, reportedly to avoid California's proposed Billionaire Tax Act.

What is California's proposed Billionaire Tax Act?

It's a proposed 5% tax on California residents with a net worth over $1 billion, potentially affecting those with assets as of January 1, 2026.

Is Miami a growing tech and finance hub?

Yes, Miami is increasingly recognized as a significant destination for finance and technology industries, attracting wealthy individuals and businesses.

Home / Business and Economy / Billionaire Flees California for Florida Tax Haven

Billionaire Flees California for Florida Tax Haven

17 Jan

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Summary

Larry Page purchased two Miami properties totaling over $170 million.
California's proposed Billionaire Tax Act spurred the move.
Miami realtors report a surge of wealthy Californians relocating.

Billionaire Flees California for Florida Tax Haven

Google cofounder Larry Page has acquired substantial real estate in Miami, Florida, totaling over $170 million. This move comes as California considers a new "Billionaire Tax Act" that would impose a 5% tax on residents with a net worth exceeding $1 billion. Page's significant investments in Miami's Coconut Grove neighborhood, made in late 2025 and early 2026, appear to be a strategic financial decision to avoid this impending tax liability.

The proposed California legislation, slated for potential retroactive application from January 1, 2026, has created a palpable shift in the real estate market. Danny Hertzberg, a real estate agent, noted a substantial influx of wealthy individuals from California actively seeking primary residences in Florida. This trend is directly linked to the 5% net worth tax proposal, with many relocating to establish residency before the law takes effect.