Quote:
Originally Posted by dave8721
The reason for the constant high prices is that despite the narrative South Florida does not build much housing, especially outside of Downtown Miami. Per the census data, Miami's MSA has permitted half as many housing units as places like Austin or Atlanta and has permitted less than half as many single family homes as notoriously anti-developement west coast cities like Los Angeles. The narritive is why can't New York build new housing? New York has permitted 4 TIMES as much housing as Miami's MSA so far in 2024..
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This is a good insight. I didn't realize that.
If this is the case, doesn't it risk becoming a ghost city in some ways? i.e. a place where only wealthy people can afford and live in only part time? Sort of like Charleston SC? Because at the end of the day, the vast majority of people in a metro can only afford what incomes will bear. There will always be very expensive outlier areas, but if the entire structure of the city is very expensive housing that only the rich and foreigners can afford to park their money in USD, it will empty out. Isn't Miami Dade shrinking (in population) for like the first time ever?