Dallas emerges as magnet for wealthy buyers as high taxes weigh on luxury markets, broker says

Wealthy homebuyers are increasingly looking to lower-tax, business-friendly states such as Texas as taxes and regulation play a bigger role in where affluent Americans choose to live and invest, according to Mauricio Umansky, founder and CEO of global brokerage The Agency. "That trend is definitely happening," Umansky told one outlet of affluent residents leaving high-tax blue cities and states. "… But not only tax friendly — business friendly.

" Umansky, whose firm has 170 offices across 17 countries, said policies that raise the cost of owning or selling high-end real estate are affecting luxury markets. He pointed to New York City’s pied-à-terre tax and Los Angeles’ Measure ULA, commonly known as the "mansion tax," as examples.