Friday, October 14, 2011

Who cares about Floridians?

What was once home to the original shrimpboating shack Jimbos, the land since occupied by The Miami Herald has been sold to Genting Malaysia Berhad for $236 million... cash. The company is expected to further invest between $2 and $5 billion in development. The Miami Herald reported that the the casino company investors that bought the land intend on placing on the land a hotel, shops, convention center, and residences. They also cited a real estate analyst describing Miami as becoming a "city-state." However, such a city-state still relies quite heavily on its state-state and nation-state to foot catastrophe costs. The article comes a month before yet another Miami Herald article citing South Florida residents' difficulty in meeting property insurance costs.

Miami has a recent growing trend in allowing foreign investment into its real estate market. What does this do to local say in local politics? The history of Florida and Miami politics enables the mind to run wild on such a question.

Evidence continuously mounts that Florida and Miami government has little interest in Florida and Miami public interest.
What is more...
Some time ago I noticed a change in the legislative wording of Citizens Property Insurance Corp. I wording used to be
"It is the public purpose of this subsection to ensure the existence of an orderly market for property insurance for Floridians and Florida businesses"

Today, the wording is
The public purpose of this subsection is to ensure that there is an orderly market for property insurance for residents and businesses of this state.
(emphasis mine)

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