** New York and California rent reform has created a new wave of multifamily investors in Miami! **

** New York and California rent reform has created a new wave of multifamily investors in Miami! **

** New York and California rent reform has created a new wave of multifamily investors in Miami! **

* Very interesting article in my opinion. I can point out that the reality described in the article is true, at least according to what I'm impressed with, as someone who works in the area in question.

* (I have translated and edited a little for those who do not read English): *

Realtors report a sharp rise in inquiries and offers from New York and California investors.

Initially, it was the tax reform that pushed CEOs, hedge fund managers and high-income individuals to South Florida. They are seduced by the positive climate, luxury residential properties and especially the significant tax savings.

Now, it is the multi-family investors who are moving to Miami, and for another reason: "rent control" which is lacking in other areas and cities in Florida.

In June, New York State passed a sweeping rent reform, expanding its protections to millions of stable tenants. The law dramatically limits the way that homeowners can increase rents on stabilized apartments.

Investors in multifamily deals are moving fast and making offers on properties in South Florida, brokers say. But they also encounter a strong rental market and low supply, which has raised prices.

Jose Ramos, a realtor, said at least 40 percent of the calls that came were from New York investors who want to close deals in South Florida. "There's a lot of confusion, a lot of focus on getting their money out of there and bringing it to high-yield markets," he said.

Out-of-state multifamily investors would prefer to spend their money on one big deal, but they are challenged by the lack of supply, brokers said. They are non-institutional players looking to invest in the $ 30 million and 40 million range.

But because the South Florida rental market remains strong, there are sellers who aren't ready to part with their property. Therefore, the prices are high. Rents have risen by as much as 15 to 20 percent over the past eight years, according to Hernando Perez, sales manager of a multi-family investment firm on Franklin Street. Other people are also moving to Florida, in part because of their preferred tax climate.

And what if Florida enacts state-like rent regulations? Simply put, Perez said: "It will squash the profitability of the real estate market."

Rent reform in New York, California propels new wave of multifamily investors to Miami

First, it was tax reform that pushed CEOs, hedge fund managers and other high-net-worth individuals into South Florida. They were lured in by the favorable climate, luxury residential properties and most of all, substantial tax savings. Now, it is the multifamily investors who are heading to South

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