Florida’s real estate ‘gold rush’ draws the super-rich as rising costs push others out
The luxury property surge fuels growth in Miami, but a poll finds many residents weighing an exit over housing and living costs To a casual observer, everything in south Florida’s real estate garden is looking rosy. There’s a “ gold rush ” in Miami as ultra-wealthy buyers snap up mega-mansions and luxuriously appointed condos as soon as they hit the market; and the Guardian has also reported recently on the “ Mamdani effect ” of elite New Yorkers arriving in the sunshine state with bulging pocketbooks in search of a high-priced escape from the city’s new mayor. Yet alongside the boom, there are rumblings of a more troubling parallel reality. Undoubtedly, the billionaire class is helping to pump even more dollars into an already thriving Florida economy. But as prices rise and the less affluent find everything from housing and insurance to gas and groceries increasingly expensive, many are considering doing something about it. Continue reading...