“For years, even though people were talking 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, ”said Robert Frank, CNBC wealth reporter. “Now you’re that jerk who stayed in New York.” ”
Reports of Florida slowly turning into a legitimate tech and financial center began long before the coronavirus pandemic. In 2018, Florida solidified its place in the big leagues when $ 2.88 billion was raised in venture capital. This trend continued throughout 2020.
Silicon Valley venture capitalist Delian Asparouhov moved to Florida in March after Miami mayor Francis Suarez responded to his tweet about leaving Silicon Valley for Miami.
Asparouhov believes Miami has the potential to become America’s biggest tech hub.
“New York gets, you know, seven or eight times more venture capital investment than Florida. And California gets, you know, five times what New York gets. Florida is therefore not at all part of the technological economy. Said Cristobal Young, a Cornell University professor who studies the migration of wealthy Americans.
Other potential challenges with Florida’s rise to prominence include low wages, income inequality, and housing shortages. Data on migration and GDP growth from 2020 also do not indicate a major recovery.
Watch the video to hear from locals as well as those who recently moved to Florida and what it means for the state in 2021 and beyond.