Apparently, the Trump administration's hunt for people to deport has had a negative effect on real estate in South Florida. Michael Smith from Bloomberg News tells Billy Corben why. Plus, Billy has an update on the "Miami Mafia." Learn more about your ad choices. Visit podcastchoices.com/adchoices
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Headline of Bloomberg News is Trump's Migrant Crackdown adds to Miami's real estate woes. So in addition to the skyrocketing insurance costs and condo maintenance fees, higher mortgage rates, soaring property prices and a post-pandemic, we could call it housing boom correction, also a glut. Vielen Dank.
You've got 17.9% of pending home sales in Miami fell through in March, which is up, actually, basically 18% of home sales is what you have, having fallen through. So, like, you've got this kind of apocalyptic scenario in Miami real estate, which, by the way, That's our whole industry in Miami, if not the entire state of Florida.
What I mean is that as the real estate industry goes and particularly the condo market goes, so too goes our economy. And we'll get into that. And it's going to be a problem nationwide. But remember, in Florida in 2007, a year before the Great Recession. Florida's economy started to slip. So we are the canary in the coal mine. We are the bellwether for economic trends. And this is a major one.
And we have with us Michael Smith, co-author of that book. Artikel. He's a national reporter for Bloomberg News, headquartered out of their Miami office. Even though you wouldn't know it, it looks like he's in Guantanamo. If you can see him on the video here, he has a beautiful view of a gray wall with some peculiar electronic devices on the wall. It's all very unpleasant.
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