FT News Briefing FT Weekend: Will Silicon Valley ruin Miami?
Feb 12, 2022
In this engaging discussion, journalist Joel Stein shares insights into Miami's remarkable transformation into a tech hub, driven by an influx of Silicon Valley elites. He explores the complex relationship between newcomers and long-time residents, raising concerns about gentrification and its impact on the city's diverse culture. From personal stories at local venues to reflections on Miami's unique identity amidst rapid change, Stein captures the city's spirit and the challenges posed by both tech influence and climate pressures.
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Quality over Quantity
- Miami's tech scene is growing, not just in numbers, but in influence.
- High-profile investors and VCs are relocating, bringing significant capital and connections.
Patient Zero
- Jack Abraham, a venture capitalist, became a "patient zero" for the Miami tech migration.
- After getting COVID-19 during a Miami vacation, he fell in love with the city and stayed.
A-Rod's Vision
- Alex Rodriguez noticed Miami's potential during the 2008 financial crisis when Warren Buffett showed interest.
- He believes the current influx of financial institutions and hedge funds indicates lasting growth.