“Our house is a very, very fine house with seaside views from our yard, life used to be so hard, now everything is easy ‘cause of tax breaks.” That’s how Graham Nash might have written a 21st-century version of the Crosby, Stills & Nash classic—you’d just have to sub in crypto bros and Puerto Rico in the 2020s for hippies and Laurel Canyon in the 1970s.
Since the pandemic began, wealthy individuals and remote workers have been moving to other states and even countries to live larger while the cost of living remains high. Florida became one of the biggest hotspots, but the influx of people made the Sunshine State less affordable as skyrocketing housing prices push out its retiree population to cheaper places like Alabama. Now remote workers and the ultrawealthy have found a new housing market to wreak havoc on: luxury villas in Puerto Rico.
