Does paragon level increase Magic Find?

No, Paragon levels no longer provide a bonus to magic find. You can spend paragon points to increase your gold find, but it has no impact on your magic find.

Magic find can only be increased by the +magic find% affix on items, follower items, a topaz socketed in the helm, or from the implicit bonus to legendary drop rates from Torment tiers.

Note that magic find is much rarer as an affix, and has had its effectiveness in general severely diminished:

Per Travis Day (emphasis mine):

In addition to changing exactly how MF interacts with finding items we also have dramatically reduced it's existence throughout the game. Having strong characters already equates into finding more items, both by virtue of killing things faster and also by virtue of playing in higher difficulties, which still do have rewards associated with them. Because of all of this we decided to not only remove MF as an affix from gear but also change exactly how MF interacts with different item qualities. MF will apply 100% of its benefit to Blue items, 30% to Yellow items, and 10% to Legendary and Set items. This means someone with 300% MF will end up finding roughly 30% more Legendary and Set items than someone with 0%.

It appears that magic find has been removed entirely from the affix tables for rare items, and now only exists on legacy (pre-2.0.1) items, and select legendaries. (Source: diablofans).

Edit: Note that a recent hotfix (4/3/14), changed Nephalem Rifts to provide an additional 25% chance for Legendary items to drop (stacking with the bonus from Torment Tiers, if applicable).

Paragon levels no longer provide bonuses to magic find (or even passively increasing gold find - though you can put points into active gold drop increases).

The only direct relation Paragon levels now have towards magic find is the ability to increase the efficiency of your character.

Combined with better gear, higher paragon levels increase your character efficiency at higher levels of difficulty which in turn equals harder monsters & better magic find.

Aside from that, +magic find affixes (which are now slightly harder to come by) and certain gems will still increase your magic find.