If you're a condo investor, that is bad news. But there are more than a few working-class folks in Miami who might be happy to see rent and real-estate prices in Miami drop back to affordable levels. Cranes are everywhere, which certainly pleases developers and politicians, but it's hard to find a person without a trust fund who's excited about how much he or she pays for rent right now.
Though the city has never really been a place where the poor have thrived, Miami's housing woes have totally spun out of control in the past few years.
Here are five reasons why:
1. The rent is too damn high, and it always has been.
2. Three-quarters of people of color in Miami don't have much money saved thanks to the city's insane rent prices.