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.
3. Miami denies
4. Want to live in
5. Rich people fight affordable housing tooth-and-nail whenever it gets proposed.