Quote:
Originally Posted by Nouvellecosse
Building towers for investors doesn't mean a place is empty. It means the towers are occupied by people renting the units from the unit owners rather than them being owner occupied. The empty ones aren't usually investment units. It's people who buy them for themselves as additional part time homes they only use occasionally.
But honestly even if it was true, it's crazy to attack a city just because someone is talking about its highrise construction. No reason to bring up totally different topics. Next thing people will be saying that we shouldn't discuss the construction of a particular city because the city has too much traffic. Or a high crime rate. Or some other flaw that has nothing to do with the topic.
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It is true. A non-insignificant amount of condo buildings do functional sit "half empty" at any one given time when 50% of the condos purchased in Miami are
specifically used as short-term rentals or vacation homes. Rental apartments had a sustained boom in the late '10s - early '20's, but supply has largely caught up to demand.
Miami's skyline growth is almost entirely underpinned by "wealth migration" / massive cash purchases by high-net-worth individuals with a splash of recent corporate relocations. Is what it is.
There's definitely no need to attack Miami as a city (been there and love it), but understanding the "whys" behind the "whats" is very important in fundamentally understanding what shapes a city.
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