Related Group Chair, Founder, CEO Talks Florida Real Estate
Nov 19, 2024
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Jorge Perez, a billionaire real estate developer and CEO of The Related Group, shares insights on Florida's real estate boom. He highlights Miami's transformation into a prime investment hub, flourishing due to political changes and growing interest from international buyers. The discussion touches on the critical impact of immigration policy on the construction industry, emphasizing the reliance on immigrant labor. Additionally, Perez analyzes how trade policies and interest rates shape market dynamics, alongside challenges like rising construction costs and pandemic-related supply chain issues.
The surge in Florida's real estate demand is driven by domestic and international interest, transforming Miami into a serious housing contender.
Immigrant labor, especially among Hispanic workers, is vital to South Florida's construction industry, threatened by strict immigration policies disrupting projects.
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Enhanced Online Safety for Teens
Instagram is implementing new teen accounts designed to provide automatic protections that enhance online safety for adolescents. These measures aim to limit who can contact teens and the type of content they can view, ensuring a more secure digital environment. This evolution responds to parents' growing concerns about their children's experiences online, allowing them to feel more comfortable with their teens' social media activities. The initiative reflects a broader trend toward prioritizing user safety, particularly for vulnerable demographics like teenagers.
Real Estate Demand in South Florida
South Florida is experiencing a significant increase in real estate demand, fueled by both domestic and international interest. Trends show that many individuals are considering Miami not just as a vacation destination, but as a potential second home or permanent residence. The presence of influential figures, such as the former president, has further amplified this interest due to their connections and past in real estate. This shift indicates that South Florida is evolving from a leisure destination to a serious contender in the national real estate market.
Challenges of Immigration Policy on Construction
The construction industry in South Florida heavily relies on immigrant labor, with a large portion of workers being Hispanic. Current immigration policies pose a significant threat to the continuity of this workforce, as strict regulations could lead to labor shortages that disrupt construction projects. Anecdotes from the industry highlight immediate impacts, such as sudden worker absences following announcements of increased scrutiny. The need for a balanced approach to immigration is crucial, as it supports both the economy and essential industries that contribute to local development.
Related Group Chairman, Founder, and CEO Jorge Perez discusses the real estate boom in Florida. He speaks with Bloomberg's Sonali Basak and Matt Miller.