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“We’re coming after Illinois,” said Miami DDA Deputy Director Christina Crespi, noting that their efforts were spurred partly by the proposed Illinois graduated income tax that would increase levies on the state’s richest residents. Florida has no personal income tax. She says the city has a "minimal pot of funds" to help newly arriving firms build out offices.
NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area
These wealthy families and individuals are buying up ultra-luxury real estate ranging from $10 million to $50 million.
Most cities of size market themselves nationally and internationally. Several years ago, “ Arnold” dominated billboards in Chicago metro to encourage people to relocate.
Miami’s population is 70% Hispanic, including many who are very wealthy and desperately poor. Miami does substantial international marketing targeting very wealthy.
Flocking to Miami?
The overbuilt high end condo market ( > $1 million) in Miami has softened. There is a nearly 5 year supply of high end units in Miami.
It is common for the very wealthy to own multiple homes in the US. One needs to claim Florida as their primary residence and physically live in Florida for at least 6 months a year to avoid state income taxes elsewhere.
The greater Naples area is more likely to attract wealthy non- Hispanic transplants, than Miami and most are seasonal.
“We’re coming after Illinois,” said Miami DDA Deputy Director Christina Crespi, noting that their efforts were spurred partly by the proposed Illinois graduated income tax that would increase levies on the state’s richest residents. Florida has no personal income tax. She says the city has a "minimal pot of funds" to help newly arriving firms build out offices.
NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area
These wealthy families and individuals are buying up ultra-luxury real estate ranging from $10 million to $50 million.
Miami is going to be under water in 10 years due to "global warming", so Chicago will get the last laugh. However, at that time, Lake Michigan will probably rise a 100 feet or so (due also to global warming) and return Cook County to the lake.
Is there anywhere in the world that the long, treacherous fingers of "global warming" cannot reach?
Or you can go to another state that not only has our deep dish, but also has Portillo's. Lower cost of living and some of the food we're addicted to. Win-win.
Hello Arizona.
It’s another area attractive to Midwesterners looking for a seasonal home or retirees looking for cheaper living. It also does not have the flooding/ hurricane risks / costs of Miami.
I hope Stilts-R-Us is having a sale, so all those new offices are "above" water. "Is that your office assistant coming to help us?" "No ...it's a bull shark looking for a fresh leg." "Welcome to Miami!"
Miami is going to be under water in 10 years due to "global warming", so Chicago will get the last laugh. However, at that time, Lake Michigan will probably rise a 100 feet or so (due also to global warming) and return Cook County to the lake.
Is there anywhere in the world that the long, treacherous fingers of "global warming" cannot reach?
Being facetious right? so is Iowa going to be a wetlands too like your Great Lakes region scenerio..... or more dry desert-like?
Miami has infrastructure issues--tech companies have a difficult time recruiting people with families to live there. Problems are: schools, public transportation, traffic (do not discount it--you can spend 3 or 4 times the drive time sitting in traffic), high RE costs, high property insurance costs, hurricanes and flooding.
Those one-percenters are just buying property--and they are buying everywhere. Brexit is killing RE prices in London, and the one-percent in the US and Europe are scarfing up the properties in select areas of the city. It is not indicative of any burst of of corporate activity.
Besides, I just read Apple was expanding into facilities and hiring in Seattle, so they don't seem to be looking for a cheap out.
Most cities of size market themselves nationally and internationally. Several years ago, “ Arnold” dominated billboards in Chicago metro to encourage people to relocate.
The Governator brought a truck caravan to Las Vegas to try to entice Nevada businesses to move to California. Nevada has no state income tax, and some of the lowest business tax rates around. You also don't pay $1M for a 1,200 square foot house here. I'm not sure that the laughter has died down yet.
A friend who owned an IT business in Silicon Valley moved his firm from San Jose to Las Vegas several years ago. He told me that even with the cost of the move and with revenue approximately level from the previous year, they realized a 40 percent increase in profits in the first year.
It’s another area attractive to Midwesterners looking for a seasonal home or retirees looking for cheaper living. It also does not have the flooding/ hurricane risks / costs of Miami.
I know Mid westerners that loved living in Arizona -- but those summers have them retreating to North Carolina.
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