Miami, FL

Opinion: Miami gold rush means trouble for locals

Toni Koraza

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Miami and the rest of South Florida are welcoming more high-profile newcomers than any other region in America.

The rate of wealthy newcomers is so high that it begs the question. Who hasn't moved to Miami yet?

Why South Florida?

I bet anyone left behind is thinking about packing their bags and buying a one-way ticket South. The weather is warmer. The taxes are lower. And the pro-business climate makes you want to build your American dream right here on the shores of South Florida.

However, the influx of wealthy individuals and big businesses creates problems for locals. If you're living on a fixed income, buckle up because the prices of just about everything are warming up for another jump. Miami life is about to get even more competitive.

The New Wall Street will change Miami

Miami mayor Francis Suarez is sprinting to create the next financial epicenter of America.

He brought Crypto to Miami, minted the MiamiCoin, and deposited the initial $5.25 million in the city coffers. Some say he staked his entire political future on crypto, finance, and big business. This can be read from his personal statement too. I want “to make Miami a city where everyone can have an opportunity to succeed by having access to the jobs of tomorrow," said Mr. Suarez.

Everyone earning a bit more cash has been listening to Suarez's tune. Some of the largest financial firms and crypto communities have already moved to Miami, with dozens planning to do so sometime in 2022 and 2023. As a result, Miami-Dade has become a home to 135,710 enterprise functions, according to the U.S. Census Bureau. This marks a 47% jump in enterprise functions since 2019.

The new development

Most of the new development is concentrated in Brickell Financial District, Downtown Miami, Coconut Grove, Boca Raton, Palm Beach Gardens, and Fort Lauderdale. Some of these neighborhoods are historically built for working-class Americans who may soon face price hikes and evictions.

West Coconut Grove has almost finished its gentrification process. Historically Bahamian part of the town, West Coconut Grove is now full of finance bros and craft latte shops. Meanwhile, the price of property per square foot has mooned by 54.5% since last year, according to Redfin.

The apartment rent grew by 58% over the previous two years, according to Realtor.com

Are you worried about the soaring Miami prices?

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