FORT LAUDERDALE – Fed up with the high taxes and regulation back home in New York, retired officer Thomas Maloney and his wife, real estate agent Theresa Hart, are looking to offload a home in Long Island – quickly.
“It’s been a thorn in my side for the past seven years,” Maloney said. Between regulations that favor tenants and rising city and state taxes, they say they’re “just not comfortable” being landlords in New York.
The Palm Beach County couple’s story reflects a growing mood among high earners from the Northeast that it’s time to cash in their real estate chips in high-tax states and move to places like Florida, where the tax bites are less and it’s cheaper to buy and maintain a home.
Source: © 2019 the Sun Sentinel (Fort Lauderdale, Fla.), David Lyons. Distributed by Tribune Content Agency, LLC.