Miami Tech overhype (Palm Beach, Mayo: fit in, rental, home)

[CXT2000]

As expected (and once again, I was right about Miami overhyping things), the Miami Tech movement was indeed overhyped. The numbers come from a Miami DDA audit on tech jobs.

Herald Article: https://www.miamiherald.com/news/bus...254805932.html

For those not subscribed, here are some tidbits

Miami DDA tech job creation: 1,858 jobs over 3 years
Real job growth in 2021: 286 (yikes!)

This is far different from the Mayor of Miami claiming Miami saw 7,000+ new tech jobs.

Also this quote is very interesting

“virtual-first” — meaning new hires can live anywhere regardless of the location listed on a specific job posting.”
That’s an increasingly common concept — and could mean the jobs promised in the avalanche of announcements the city has seen over the past year could be a ways off from materializing locally.

So again, a company in Miami can say "hey! we created 300 jobs" but if 250 are not in Miami, then Miami only sees a net gain of 50 jobs.

Although VC in Miami has seen a huge increase, so has virtually every single city in North America. However, Miami has done a good job at online marketing and overhyping the city. And as a result, the DDA (which has been in charge of attracting majority, if not, all tech companies and jobs) has seen a ginormous +286 job growth. Even with all the job postings, it does not matter if you cannot attract talent or people to apply due to lack of demand.

So after a year of the Miami Tech moment, the numbers prove that it is not only overhyped, but the numbers are abysmal for 2021.

[jr8999]

I've said it in previous posts... Miami is a fake it till you make it town. Plenty of hype no matter what's going on. Sometimes things pan out as planned but many times it does not. I've learned to take all of Miami's self promotion with a grain of salt.

[CXT2000]

Originally Posted by jr8999

I've said it in previous posts... Miami is a fake it till you make it town. Plenty of hype no matter what's going on. Sometimes things pan out as planned but many times it does not. I've learned to take all of Miami's self promotion with a grain of salt.

The surprising thing is people still fall for this stuff haha. The signs were there from the start, especially when it's the same 4 billionaires hyping the market, while the data says the opposite lol.

[vacollins]

Well the city must be doing something right because people are moving like crazy and the rents are skyrocketing. Unless it a boom before a bust the tech jobs have to be in the pipeline at least.

[elchevere]

I was waiting for someone else, such as yourself, to point that out…Miami has done a better job of attracting finance types (private equity/wealth managers/alternative capital, etc) to the area. While the transient partiers living off the government dole have been weeded/priced out of the area, professionals are still coming….830 Brickell, a new office tower under construction, that has leased space to Microsoft, Thoma Bravo, Canada’s CI Financial, etc hasn’t even opened yet which will bring more professionals to the City once it does:

https://www.google.com/amp/s/amp.mia...254449358.html

Does that mean we should be celebrating by jumping up and down with dogs on their hind legs or that Miami will become the next Austin?….no…but at least it’s a start in the right direction.

Originally Posted by vacollins

Well the city must be doing something right because people are moving like crazy and the rents are skyrocketing. Unless it a boom before a bust the tech jobs have to be in the pipeline at least.

[CXT2000]

Originally Posted by vacollins

Well the city must be doing something right because people are moving like crazy and the rents are skyrocketing. Unless it a boom before a bust the tech jobs have to be in the pipeline at least.

Most of it has come in the form of speculation. You say X area has all these "techies" moving in there, you create an artificial demand and boom, rents skyrocket. In terms of attracting capital, of course Miami did attract lots of hedge fund firms. However, I am strictly talking about tech here and how the Miami Tech "movement" was bull, and the numbers just proved what I have been saying since last December. When the DDA only has 1,800 jobs over 3 years and only 286 have been created in 2021, that is not tech hub numbers. Hell, where I am located currently, even with covid and even stricter restrictions, we've seen about +8,000 tech jobs (just within the island of MTL btw) in the 1st half of 2021! That's what a tech hub looks like

Also, the DDA numbers do include what you see for 830 Brickell, since they are the ones who helped those companies set up shop there along with offering them financial assistance.

[vacollins]

Exactly and then there are professionals like myself who are working remotely and will by choice choose southern Florida to live due to the amenities. Only Southern California (hence my rationale for my other thread comparing the two) offers the same year round access to the ocean. I was nervous to choose Florida at first as I’m pretty liberal and would probably fit in better in California, but I was offered the same rate of pay for California and Florida, but with the higher state income tax rate it was almost an $800 difference in pay. I don’t mind paying taxes, but that $800 can go towards investments, etc. So I have chosen Florida for now. Ironically, I was offered more for Texas, but I am not a Texan and I loathe Dallas. Sorry to anyone from there, but I’m just not a fan. So here’s hoping Florida works out.

[elchevere]

There has been some speculation—as up to 50% rent increases have forced quite a number of people out of The Flatiron, as one example, with a number of units sitting vacant as landlords hope to fill these vacancies at these jacked up prices (good luck)….at the same time, there have also been bidding wars on rental units in other developments with leases being signed for up to 10% higher than original asking price.

[vacollins]

Tech has a lot of remote positions. They may not choose to live in Miami proper, but I can imagine Broward, Palm Beach, etc. will pick up. However, because Florida also has No state income tax, the state will not gain increased revenue from remote workers moving in and using the same services. This may have a long term negative effect on the state should workers continue to live in the area. And I’m going to be honest I don’t think workers are going to want to go back into the office anytime soon. I know I was very adamant that I would only work remotely. This will be a huge disadvantage to states like NY, California, etc.

[elchevere]

I think you will be fine here in SoFla. Like you, I moved here from SoCal, nearly 5 years ago—no regrets so far. It is a socially liberal area (for the most part) but in a fiscally conservative state without the CA negatives (or extent of) that have led to others from CA moving here (something that was unheard of and unimaginable years ago)….enjoy your time here.

In a way if tech only develops a small (though can only go up from its small base) thumbprint, I’m fine with that…then again, a lot of tech (mathematicians) is now running finance (algorithms, financial modeling, decision makers)—which is a field SoFla does fairly well in; the 2 are not mutually exclusive with that (finance) likely drawing some techies to the area (either home grown or likely relocated from elsewhere).

Originally Posted by vacollins

Exactly and then there are professionals like myself who are working remotely and will by choice choose southern Florida to live due to the amenities. Only Southern California (hence my rationale for my other thread comparing the two) offers the same year round access to the ocean. I was nervous to choose Florida at first as I’m pretty liberal and would probably fit in better in California, but I was offered the same rate of pay for California and Florida, but with the higher state income tax rate it was almost an $800 difference in pay. I don’t mind paying taxes, but that $800 can go towards investments, etc. So I have chosen Florida for now. Ironically, I was offered more for Texas, but I am not a Texan and I loathe Dallas. Sorry to anyone from there, but I’m just not a fan. So here’s hoping Florida works out.