Meet Miami’s newest vice: greed. As rich households take root in the Sunshine State, locals have started to scramble. The influx of wealthy transplants creates a ripple effect that dampens a major appeal of the state in the first place, its affordability. Florida and its coastal city, Miami, experienced a period of growth and prosperity, booming in population over the past couple of years. But a downturn has hit Miami as of late, as the influx of wealthy individuals comes at a price, which falls on the shoulders of long-term residents.
It all has culminated in Florida’s major metro, the subject of Pitbull’s desires and many other crooners’ songs, experiencing its first population decrease in a decade. And Miami-Dade County’s population dipped between 2019 and 2022, marking the first population decrease over multiple years since 1970, according to data from the Federal Reserve Bank of St. Louis, as first cited by the Wall Street Journal. In other words, Miami’s population has been growing from the time of detectives with pastel suits on TV up until now.
