Wednesday, August 31, 2022

How Miami ‘Caught a Wave’ and Became the Hot New Tech Hub

Very recommendable! Will Ron DeSantis be the next GOP presidential candidate (perhaps together with Trump as VP)?

"This city has become the favorite destination for people escaping progressive dystopias like San Francisco and New York. During the pandemic it had the country’s hottest real-estate market, which has yet to cool despite a likely recession. ...
Here, you have a migration of $2 trillion”—the assets under management of firms that have moved to Miami since the start of the pandemic. Citadel, one of the largest U.S. hedge funds, recently announced that it’s moving here from Chicago. ...
The city leads the nation in tech-job growth and migration and is among the top 10 U.S. cities for venture-capital investment. CrunchBase news reports that Miami-based companies raised $2.6 billion in capital in 2021, a more than 20-fold increase from $128 million in 2018. ...
Progressives have long sought to use federal power to neutralize the competitive advantages of states with low levels of regulation and taxation. A poisonous example is the federal income-tax deduction for state and local taxes, or SALT. Part of the tax code for more than a century beginning in 1913, the deduction protected high-tax state governments by reducing their residents’ incentive to move elsewhere, while punishing low-tax states by transferring part of their responsibly forgone revenue to profligate neighbors.
Thus the 2017 tax reform, which capped the SALT deduction at $10,000, was historic. By exposing high-income workers in blue states to the full brunt of their states’ levies ...
Those same states stuck to oppressive Covid-19 mandates, softened their crime policies, and pushed woke indoctrination in schools. Gov. Ron DeSantis went in the opposite direction, defying what he called the “woke mob,” reopening quickly, and declaring Florida “the freest state in these United States.” ...
The 15 months between April 2020 and June 2021 saw a net migration of nearly 300,000 people to Florida, more than any other state. Among those earning more than $200,000 a year, four times as many people moved to Florida as to New York in 2019 and 2020. Florida led the country in income migration, gaining more than $20 billion in net income from 2019 to 2020, while California and New York each lost almost as much. ..."

How Miami ‘Caught a Wave’ and Became the Hot New Tech Hub - Competitive Enterprise Institute A business-friendly mayor helped. So did the quick Covid reopening and the loss of SALT deductions.

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