TECH TRAIL
recently told the Miami Herald has accompanied traditional economic development strategies.
Against this backdrop, the Miami area is losing a race against soaring housing prices. New data from CoreLogic show Miami leads the nation in single-family rent inflation, with costs climbing 39% year on year. There is not a 1-to-1 correlation between the tech movement and the rising cost of living; the rest of the country also finds itself in the midst of a housing crunch. But the severity of Miami’s problem stands out, and the sudden influx of so much wealth is exacerbating the city’s and county’s housing woes.
No one is doubting that the vision of Miami tech has reached a zenith, with more tech workers, and more tech investment, than ever before. Miami Mayor Francis Suarez has given a masterclass in rebranding the city from fun-and-sun to a coveted destination for serious professionals seeking work-life balance and a business-friendly environment. He has also sought to expand opportunities for all Miami residents to take part in the tech movement, seeding a new tech high school with Miami Dade College, while tasking his Venture Miami group to find other ways the tech expansion can benefit more people. The allocation of more than $5 million generated from MiamiCoin for housing assistance is no small feat, even if the project’s future remains uncertain.
And in many ways, Amazon is an exception among tech-oriented firms that have planted a flag here. In addition to those 100-plus Gables employees, Amazon now employs 10,000 full- and part-time workers at its various distribution hubs throughout South Florida, including its landmark fulfillment center in Opa-locka. With a starting local salary of $15 an hour, these are the kinds of working-to middleclass jobs that many elected officials dream about when they discuss mass economic development.
Amazon is also a key hiring partner for Miami Dade College, too. There, students can complete a tailored Amazon Web Services certificate program that virtually guarantees them consideration for an Amazon job.
But Amazon’s exceptionalism highlights the larger issue contained in what has come to be accepted as a piecemeal approach to building out Miami tech.
Unless greater demands are placed on the firms and even individuals arriving here to do more than simply live, work, and play in Miami, the cost of living will continue to outpace the ability of average Miamians to afford living here.
Rob Wile: 305-376-3203, @rjwile