The Coronavirus Pandemic has turned life in cities like New York and Los Angeles upside. Meanwhile, Miami has stayed open-for-business throughout the pandemic causing many buyers to move to South Florida in pursuit of “Florida Freedom.” Additionally, New York City’s use of rent control and excessive regulation have minimized returns and decreased the incentive for development. With attractive yields and no rent control, investors are turning to South Florida as the real estate market is surging. South Florida also provides investors with huge tax savings as the state does not have an income tax and an average property tax of 0.98%. There are nearly 130 opportunity zones from Miami to West Palm Beach providing investors with high growth opportunities. With minimal regulation, tax savings, and abundant opportunities zones it is clear that South Florida is the next major hub for investors.
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