The exclusive Indian Creek Village near Miami Beach, known as the "Billionaire Bunker," houses celebrities like Jeff Bezos and Tom Brady. Miami is now tied with New York City for the worst income inequality among the 10 most populous metro areas. Wealth influx after the pandemic has caused an increase in living costs, particularly housing, while many local workers have not seen income growth. This inequality has resulted in half of Miamians struggling to reside in the city, leading skilled workers to potentially relocate, threatening Miami's economic aspirations.
Greater Miami is now tied with New York City for having the worst income inequality of the country's 10 most populous metro areas.
The local income distribution resembles a bottom-heavy hourglass, where a small number earn a lot while the majority make very little.
Wealth poured into South Florida during and after the pandemic, pushing local housing prices higher, while low-wage workers' incomes stagnated.
If young, skilled workers can't afford to live in Miami, they will leave, jeopardizing efforts to establish the region as a world-class hub.
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