Because of its large Spanish-speaking population, Miami is a natural place for them to do business, more than other emerging but nativist cities like Nashville, Atlanta, and Houston. Investors from Brazil, Argentina, Colombia and Venezuela have directed capital into Brickell’s banks and real estate, with an estimated two-thirds of demand for neighborhood units coming from South America. To a smaller extent, Miami attracts capital from Russia and many European countries—or less business-friendly parts of the U.S.
“Somebody said to me, ‘Give me three reasons why this will continue.’ My answer was: Maduro, Kirchner and De Blasio,” said city commissioner Marc Sarnoff to The Economist, referring to the heads of Venezuela, Argentina and New York City.
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