Florida has actually just recently drawn in a few of Wall Street and Silicon Valley’s greatest names like Keith Rabois, Elliot Management and Goldman Sachs.
“For years, even though people would talk about moving, it really wasn’t cool among the wealthy to move to Florida. It was like, OK, you couldn’t hack it in New York, so you go to Florida,” stated Robert Frank, CNBC’s wealth press reporter. “Now you’re that chump who stayed in New York.”
Reports of Florida gradually changing into a genuine tech and monetary center began well prior to the coronavirus pandemic. In 2018, Florida strengthened its location in the major leagues when $2.88 billion was raised in equity capital. That pattern has actually continued all throughout 2020.
Delian Asparouhov, an investor from Silicon Valley, made the relocate to Florida in March after Miami Mayor Francis Suarez reacted to his tweet about leaving Silicon Valley for Miami.
Asparouhov thinks Miami has the prospective to end up being the biggest tech center in the United States.
“New York gets, you know, seven or eight times the amount of venture capital investment flowing into it than Florida does. And California gets, you know, five times what New York gets. So Florida is not part of the tech economy at all,” stated Cristobal Young, a Cornell University teacher who studies the migration of rich Americans.
Other prospective difficulties in the method of Florida’s increase consist of low incomes, earnings inequality and a real estate lack. Migration information and GDP development from 2020 likewise do not suggest a significant increase.
Watch the video to speak with residents in addition to those who have actually just recently made the relocate to Florida and what that implies for the state in 2021 and beyond.