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Thursday, June 24, 2021

A New “Silicon Beach”: Tech Billionaires Move to Miami

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Aakash Molpariya
Aakash started in Nov 2018 as a writer at Revyuh.com. Since joining, as writer, he is mainly responsible for Software, Science, programming, system administration and the Technology ecosystem, but due to his versatility he is used for everything possible. He writes about topics ranging from AI to hardware to games, stands in front of and behind the camera, creates creative product images and much more. He is a trained IT systems engineer and has studied computer science. By the way, he is enthusiastic about his own small projects in game development, hardware-handicraft, digital art, gaming and music. Email: aakash (at) revyuh (dot) com

In addition to the warm weather, the city offers low taxes, few restrictions due to COVID-19, and an enviable 25% decrease in overall crime.

Francis Suarez, the mayor of Miami, quickly understood that Twitter could be one of his biggest political successes. Shrewd, he stayed tuned until he saw the opportunity… Finally last December that moment arrived: Silicon Valley investor Delian Asparouhov wondered on social media if the time had come for the tech community to move en masse to Miami. “How can I help?” replied the hyperconnected mayor quickly.

Since then, the flow of billionaires and celebrities, hedge funds, and tech gurus to the Miami area has grown exponentially, with Suarez dedicating himself to making his city the new magnet for American wealth.

Attracted by low taxes, warm weather, and a peaceful cultural climate, America’s elites are mass joining the “Miami movement”.

Ivanka Trump and Jared Kushner arrived from Washington, who have bought properties near Jared’s capitalist brother Josh and his wife, supermodel Karlie Kloss. Giants of hedge funds such as Paul Singer’s Elliott Management and Ken Griffin’s Citadel came from New York. And from Silicon Valley, tech titans like Peter Thiel and former PayPal executive Keith Rabois have led a wave of transfers to what some now call “Silicon Beach.”

They are no longer constrained by the demands of an office, but share mansions on Hibiscus Island and work poolside. The most refined hedge funds gravitate toward the golf courses and palaces of neighboring Palm Beach, where Griffin has rented the Four Seasons Palm Beach for much of last year.

Griffin moved his company to the luxury hotel and ordered the installation of ultra-fast fiber optics so that his workers can operate at full capacity.

The “Miami move” already caused the average house price in Palm Beach to soar by 29% in 2020, to $4.9 million, according to Douglas Elliman’s real estate company.

“Suarez is delighted. With the rise of remote work, people no longer feel tied to where they need to be and are now free to go where they want to be,” Elliman to The Times… And where they want to be is in Miami.

For the real estate agent, “now more than ever, people are more interested in having a government that invites business and economic freedom, not rejects it.”

Miami, in fact, has its second-lowest tax rate since the 1960s and last year experienced a 25% drop in general crime last year.

In recent years, California’s wildfires, landslides, the homeless epidemic, and an incompetent and indebted government have made the stateless and less attractive to wealthy residents. Against this backdrop, Miami’s “low taxes plus security” combo is a success.

Another major moving factor, no doubt, was the coronavirus pandemic: thanks to the relaxation of Covid’s rules and a favorable outdoor climate, Ocean Drive is full of people walking as if the last year of social distancing had never happened. “I think people all over the country and around the world are starting to see the benefits of a government that puts people first,” Suarez said.

Others who have joined the “Miami Movement” include supermodel Gisele Bundchen and Superbowl winner Tom Brady, who have just bought a $17 million home on Indian Creek Island, also known as “the billionaire bunker,” which lies off the coast of Miami Beach.

There are also the Trumps, with the whole family unwelcomed into New York society, Donald and Melania are adjusting to life in Mar-a-Lago, palm beach, where groups of stalwarts continue to walk the roads every day brandishing signs declaring “Trump won.” The former president’s two sons are also moving to nearby Jupiter, with Eric Trump moving into a mansion at his father’s golf resort and Don Jr planning to buy a large waterfront home at Admirals Cove with his partner Kimberly Guilfoyle.

What’s more, Miami got the “snowbirds,” as those who traditionally visit Florida to enjoy the warm winters, are called to start thinking about a permanent move.

Suarez believes that his tweet with the simple phrase “How can I help?” was key. “People said, ‘oh, finally, an official who understands it, who understands that having companies that are creating wealth and well-paying jobs is something that benefits a city,’” he says proudly.

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