Bloomberg Talks Related Group Chair, Founder, CEO Talks Florida Real Estate
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Nov 19, 2024 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.
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Florida Real Estate Boom
- Florida's real estate boom is fueled by interest from diverse groups.
- This includes the president-elect, his friends, and international buyers from Europe and South America.
Impact of Immigration Checks
- In Jacksonville, when immigration checks were announced, construction workers disappeared.
- This highlights the reliance on immigrant labor in the construction industry.
Immigration and the Economy
- The US needs immigrants to fill jobs, and mass deportation is unrealistic.
- Increased labor costs and inflation would result from eliminating immigrant workers.