Rich New Yorkers drive up Florida country club fees to over $1M: ‘A luxury golf arms race’
NY Post
The influx of wealthy New Yorkers and Californians who relocated en masse to Florida have driven up the price of golf club memberships with some Miami area locations charging six- and seven-figure fees.
Luxury golf clubs in South Florida have in some cases doubled and tripled their membership rates since the pandemic, according to Financial Times.
A hedge fund investor who plays golf in the area told the publication that there is fierce competition in what has evolved to be an “access to luxury golf arms race.”
Of the more than 545,000 people who left New York State in 2022, more than 91,000 relocated to Florida that same year, many of them looking to escape high taxes and draconian COVID-era lockdowns, according to data.
Many of them have cash to burn.
“The types of people moving down there are used to getting their way and having access to the best of the best,” the hedge fund investor said.
