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In the aftermath of the collapses of banks with large tech lending arms, South Florida’s future as a tech mecca is on even shakier ground. CLICK ON THE HEADLINE FOR MORE
President Biden just released a proposed 2024 budget in which he pitched eliminating tax breaks for real estate and private equity firms as part of his efforts to cut the country’s budget deficits by nearly $3 trillion over the next decade. The White House is aiming to recover about $19 billion by closing the loophole known as the “like-kind exchange,” or 1031 exchange. CLICK ON THE HEADLINE FOR MORE
Distress in commercial real estate could rattle the rest of the nation’s financial system—an alarm quietly sounded by The Federal Reserve. The warning about the sector appears in the minutes from its meeting at the beginning of the month, which were just released. CLICK ON THE HEADLINE FOR MORE
Florida’s population rose 1.9% between 2021 and 2022, topping all states for the first time since 1957, according to a report from the National Association of Realtors citing U.S. Census data. This growth is fueling higher home prices and rents. CLICK ON THE HEADLINE FOR MORE
In the past two years, major technology, finance and law firms have moved or expanded to South Florida, drawn by the lower taxes and warmer weather. In a bet that wealth will continue migrating from the Northeast, Stephen Ross, founder of the firm that developed Manhattan’s Hudson Yards, is pushing deeper into South Florida. CLICK ON THE HEADLINE FOR MORE