Miami Tech overhype (Jacksonville, Mayo: job market, to buy, price)

[elchevere]

….not only is Miami violent crime down (decades low) but it has not suffered from “smash and grab” robberies that have plagued SF (and elsewhere) for years nor are stores across the city boarding up for fear of looting from protests or on the eve of elections.

https://www.newsweek.com/san-francis...-1655004?amp=1

https://californiaglobe.com/articles...robberies/amp/

https://calmatters.org/newsletters/w...-retail-theft/

Since car break ins were brought up, it’s at epidemic proportions throughout the SF Bay Area:

https://sanfrancisco.cbslocal.com/20...f-control/?amp

https://abc7news.com/amp/san-francis...open/11341223/

https://padailypost.com/2021/11/15/c...arn-residents/

throw in the homelessness, taxes, lockdown during Covid that did not yield significantly better results than Miami, etc and is it any wonder why people—not just 4 or 5 tech titan hypesters— have fled there (net outflow) to Texas and even lowly Miami (net inflow and THE most popular migration destination in the entire US for 4 consecutive months and counting)????

https://www.redfin.com/news/november...ration-trends/

Originally Posted by Corrie22

San Francisco's crime rate is 111% higher than the national average.....

Moderator cut: link removed, competitor site
Miami's crime rate is 41% higher than the national average....

Moderator cut: link removed, competitor site
San Francisco wins by almost 3 times more.......

[kidyankee764]

Originally Posted by djesus007

Ah yes, Rabois, the absolute slime of a person that he is always overhypes Miami. All he does is talk **** about every city and thinks Miami is the best for everything. Funny enough, every city saw tech growth and at a faster clip than Miami, and so far in 2022, this is also the case. The fact that people are still having trouble finding local talent is another red flag, and a lot of people who moved to Miami in 2020-2021 are now leaving. Rabois is funny though, Miami has a higher crime rate than SF. He always says the opposite cause his car has not been broken into yet.

Add low wages, now the most expensive housing market in the U.S (congrats?) lack of institutions, infrastructure and so on, "Miami Tech" won't sustain itself and will falter. Already people are raising red flags about this moment. Add that the mayor and others always refuse to make public real tech job growth + the DDA's abysmal numbers last year and how the city only focuses on VC, it's all speculation.

I haven’t touched on your other anti-Miami accusations, but you’re wrong here. Miami has a crime index of 341, which is 1.3 times the national average. San Francisco has a crime index of 454, or 1.7 times the national average. It’s not even close.

And here’s a major difference: murders are lowering in Miami (-41%) YOY while it’s significantly rising in SF (+32%). Also, not even close.

[CXT2000]

Originally Posted by kidyankee764

I haven’t touched on your other anti-Miami accusations, but you’re wrong here. Miami has a crime index of 341, which is 1.3 times the national average. San Francisco has a crime index of 454, or 1.7 times the national average. It’s not even close.

And here’s a major difference: murders are lowering in Miami (-41%) YOY while it’s significantly rising in SF (+32%). Also, not even close.

Lowered after one year, lets see how 2022 goes.. But even then, still significantly higher than the national average and very high on a per capita basis. And again, these are not "anti-Miami" accusations, this is someone who lived there for 20 years + worked at city hall for just as long. Additionally, my studies in urban studies/politics give me yet another advantage, I always call out hype and b.s (no matter the city), just tired of the whole "Miami is the best utopia city" rhetoric I've been hearing since Q4 2020.

[kidyankee764]

Originally Posted by djesus007

Lowered after one year, lets see how 2022 goes.. But even then, still significantly higher than the national average and very high on a per capita basis. And again, these are not "anti-Miami" accusations, this is someone who lived there for 20 years + worked at city hall for just as long. Additionally, my studies in urban studies/politics give me yet another advantage, I always call out hype and b.s (no matter the city), just tired of the whole "Miami is the best utopia city" rhetoric I've been hearing since Q4 2020.

Ah, a goal post move! As I said, I addressed your charge that Miami has higher crime than San Francisco. In fact, it does not.

[elchevere]

The bigger question I have is as follows:

if—as alleged—few jobs have been created in Miami and most of the transplants who brought their jobs with them have moved back to where they came from (and/or brought locals with them to Austin, Orlando, Charlotte, etc) then who has taken their place in properties (renting or owning) that are still increasing in cost while inventory remains at very low levels??

Having a hard time wrapping my head around this one. Asking for a friend.

[CXT2000]

Will Miami’s tech wave be enough to counter the soaring cost of living?

(I'll post some interesting bits from the article since there's a paywall)

According to data from Miami Mayor Francis Suarez’s office, 5,896 positions have been promised by companies that moved to Miami between Oct. 2020 and Nov. 2021. Most of these firms are tech-oriented, though others are strictly in the finance sector. Either way, if they had the wherewithal to move here in the first place, they are not lacking money to pay their workers.
Of that total, 1,909 of these firms’ employees are now working in Miami — ranging from ghost kitchen company REEF’s 515 workers, to companies counted by the mayor’s office as having just one or two employees.

So again, huge promises, very little gains over one year. And again, the mayor is also lumping in finance sector jobs into high tech sector jobs.

In other words, these firms’ Miami payrolls remain two-thirds short of projections

Major yikes.

Until all those nearly 6,000 promised jobs arrive in Miami, until those salaries increase and until that housing relief comes, only a few people may end up enjoying an unparalleled quality of life in Miami — while the rest of the city’s residents’ household finances suffer.

*KEY*

Then you factor in people who are having a hard time finding tech talent in the city (I see this daily on Twitter and from my friends in the tech industry there) + a failed MiamiCoin initiative and once again this proves that the tech scene there has been all hype. Add the DDA numbers of a hair above 300 jobs being filled out of 1800 promised ones... where there is smoke, there is fire. Has their been gains? Yes, but when you factor in that it hasn't lived up to the hype, every city in the world is having a tech boom and the speculation = stupid increase in rents and home prices, which impacts a majority of locals there, there is really no victory.

https://www.miamiherald.com/news/bus...258227453.html

[CXT2000]

The Post-Pandemic Geography of the U.S. Tech Economy

Some snippets from this article

1. Venture Capital

Miami (2021) $4.6B, metro rank: 12th, accounted for 1.4% of total (very far from "capital of capital")

Miami’s rise is more recent. While it has attracted some prominent Bay Area venture capitalists and entrepreneurs, the region conspicuously lacks the kind of major research university found in most leading tech hubs. And while it is the number one destination for knowledge workers and professionals leaving New York, its concentration of knowledge and tech talent is more comparable to Las Vegas’s than leading tech hubs.

The emerging tech hubs of Austin, Miami, Denver, Phoenix and Houston saw significant increases in their national share of tech job postings

https://www.bloomberg.com/news/artic...bs-are-growing

[elchevere]

Good article….according to the first chart (top 20 venture capital metros), Miami is ranked 12th and in the same grouping as DC, Austin, Denver and Atlanta…frankly, I would’ve thought DC (home to Amazon HQ2), Austin and Atlanta (home to Georgia Tech and Emory) would’ve ranked higher but, overall, about where I expected/maybe slightly higher Miami/SoFla to land and on an upward trajectory including 7 unicorns:

https://www.bizjournals.com/southflo...source=twitter

The article claims Miami’s tech talent is comparable to that of Vegas, yet it is still attracting far more venture capital (Vegas not a top 20 VC metro). Wondering if that tells us home grown talent is below average but Miami is attracting more relocating techies which would explain reduced housing inventory and rising prices.

You should post this on the City v City or General forum as well.

Originally Posted by djesus007

The Post-Pandemic Geography of the U.S. Tech Economy

Some snippets from this article

1. Venture Capital

Miami (2021) $4.6B, metro rank: 12th, accounted for 1.4% of total (very far from "capital of capital")






https://www.bloomberg.com/news/artic...bs-are-growing

[CXT2000]

Originally Posted by elchevere

Good article….according to the first chart (top 20 venture capital metros), Miami is ranked 12th and in the same grouping as DC, Austin, Denver and Atlanta…frankly, I would’ve thought DC (home to Amazon HQ2), Austin and Atlanta (home to Georgia Tech and Emory) would’ve ranked higher but, overall, about where I expected/maybe slightly higher Miami/SoFla to land and on an upward trajectory including 7 unicorns:

https://www.bizjournals.com/southflo...source=twitter

The article claims Miami’s tech talent is comparable to that of Vegas, yet it is still attracting far more venture capital (Vegas not a top 20 VC metro). Wondering if that tells us home grown talent is below average but Miami is attracting more relocating techies which would explain reduced housing inventory and rising prices.

You should post this on the City v City or General forum as well.

A lot of major deals were from companies that claimed they will move to Miami and after a huge raise. The interesting thing is it still counted towards Miami even though the company's HQ were not in Miami (Pipe being an example). Local companies saw some successes, but it still ranks below local talent you'll find in other cities.

[CXT2000]

Florida Loses Out on Pivot Conference in Backlash Over ‘Don’t Say Gay’ Vote

Big tech event pulling out of Miami after this law passed. Miami tech scene has been very quiet and other companies/events are expected to pull out. From my contacts, even ArtBasel is one of them... stay tuned.

https://www.bnnbloomberg.ca/florida-...vote-1.1735172