Current Events > Miami Locals are steamed over relocating New Yorkers driving up their rents 58%

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https://www.wsj.com/articles/miami-locals-are-steamed-over-relocating-new-yorkers-driving-up-apartment-rents-11652175000

Natalia Solar moved to a 49-story luxury tower in Miamis Brickell neighborhood two years ago. She and a roommate paid $3,300 a month for a two-bedroom apartment in a building with an Equinox fitness club, rooftop pool, and 24-hour concierge service. She renewed the following year for $3,500. Then when her lease expired earlier this year, the landlord delivered some shocking news: He was doubling the rent to $7,000 a month. Ms. Solar looked at other apartments in the building, but every two-bedroom condo available for rent was going for $6,000 to $7,000. Even with the recent pay raise from a law firm where she works as a paralegal, she couldnt afford those prices and is moving out of the building. Were getting pushed out by these people who arent native Miamians, she said. Its happening with everyone I know thats renting. Miami-area apartment rents have soared 58% over the past two years through March, the fastest rate of any U.S. metro area, according to Realtor.com. That compares with a 19% average national rental increase over that period. But in some of Miamis most desirable neighborhoods, like Brickell, Edgewater and Downtown, rents have surged much more than that. For at least a dozen high-end buildings in these hot spots, individual condo owners leasing their apartments have asked for rents at double last years price, according to real-estate agents and tenants. Those quantum leaps reflect the recent migration of so many finance and technology professionals pouring into Miami, drawn by Floridas year-round warm weather, lower taxes and what newcomers say is a more business-friendly environment than in places like California or New York. Many of these new Miami residents have high-paying jobs and are used to significantly higher rents in expensive West Coast and Northeast cities, making even the steepest Miami rents seem reasonable.

In 2021, Ms. Mancini quit her job, found another New York-based job that allowed for remote work, and moved to Miami this year. My friends would tell me how much they were paying for their apartments, and I thought wow, thats nothing compared to what I was paying in New York, she said. In New York Citys East Village, she and her two friends squeezed a third bedroom into their apartment by putting up a temporary wall in the living room. She split the $6,000 rent and paid nearly $2,000 for a bedroom that barely fit her bed, she said. Now shes living in her own luxury unit with floor-to-ceiling windows and two pool decks. Her luxury one-bedroom apartment in Brickell rented for $2,600, though those same units today go for upward of $4,000. Her real-estate agent, Alex Marks, is also a new transplant from New York. He works at a financial-technology company based out of Paris, and leases apartments on the side because the business has become so lucrative. His first apartment, two bedrooms on the 40th floor with water views in the Brickell neighborhood, went for $2,800 when he first arrived, and is now renewing at $6,500. Everyones like: Whens it gonna break, whens the bubble gonna pop? Mr. Marks said. I truthfully think this is the new Miami.

Lebronwon posted...

Everyones like: Whens it gonna break, whens the bubble gonna pop? Mr. Marks said. I truthfully think this is the new Miami.

Fuck you.

ey i'm raisin rent prices ovah heah

I always thought Florida had strangely low rent rates

Their anger is misdirected. It's not the new tenants from New York's fault, but their greedy ass slumlords wanting to take advantage of them all.

Stuff like this keeps happening everywhere. Nobody in power wants to stop it since they also benefit. So what's going to happen down the road? I'm thinking something like this. Big soulless housing dorms for the poor built out out the cities and suburbs so they'd be out of sight of the rich.

https://www.fastcompany.com/90691841/how-to-design-a-humane-dorm-hint-dont-let-a-billionaire-do-it

This is a proposal by a billionaire for new college dorms, but something similar could work for people in general.

Mungers design offers a solution to a growing demand for housing and revenue, but the lack of windows strikes many as a serious design flaw. As a human being you want to have contact with daylight and be able to see the times of day, to have fresh air, Wuennenberg says.

The project has elicited many bewildered responses blasting its lack of windows. Floor plans for the project show a superblock of residential clusters, each with eight private bedrooms, two bathrooms, a combined kitchen and dining area, and zero windows. Instead of natural light, each room would be equipped with a dimmable fixture that replicates the glow of the sun.

But according to designers and developers specializing in student housing, the design of dormitories is only partly about ticking technocratic boxes in long-range plans.

It'll be underwater by century's end.

Move to New York then if Miami sucks so bad

so people with New York salaries are spending their higher income on lower rent in nicer areas.

Sounds like remote work is working exactly as intended.

Legit they need to move to Texas

Southernfatman posted...

Stuff like this keeps happening everywhere. Nobody in power wants to stop it since they also benefit. So what's going to happen down the road? I'm thinking something like this. Big soulless housing dorms for the poor built out out the cities and suburbs so they'd be out of sight of the rich.

https://www.fastcompany.com/90691841/how-to-design-a-humane-dorm-hint-dont-let-a-billionaire-do-it

This is a proposal by a billionaire for new college dorms, but something similar could work for people in general.

The thought of not windows makes me feel uneasy.

Chadawah posted...

The thought of not windows makes me feel uneasy.

It should, because you'll probably die in that building if anything goes wrong

They're blaming the people moving there and not the stagnating wages or the landlords or the lack of laws preventing infinite raises in rent prices.

DrizztLink posted...

Fuck you.

Basically this to the guy in the article.