Miami’s Back Thanks to New Policies and Mayor’s Work

by Isaac Benmergui, Esq on September 20, 2013

CompassWhat a difference a decade makes. Ten years ago, businesses and government offices were shuttering their doors and vacating the city as fast as they could for the suburbs of Miami-Dade and Broward counties. Fast-forward ten years and construction cranes line the skyline as businesses moved back, international residents invested in second homes and baby boomers looking to make their home in the warmer, sophisticated city have returned.

The city’s mayor, Tomas Regalado is responsible for much of this transformation through his initiatives of lowering taxes and regulation overhaul in order to encourage new businesses to come and set up shop in Miami.

Regalado, who is running for reelection in November, has been able to cut the city’s budget without eliminating jobs, although not without some controversy and forcing city workers to make concessions in salary and capping pension benefits.

“I didn’t want to kill a city to save a government,” Regalado said, defending his choices, which included slicing his own salary by 36 percent.

Without cutting service jobs, the city is now poised to meet the demands of new residents in sleek and modern high-rise condos, patrons of world-class restaurants and luxury hotels and shoppers looking to drop cash in high-end retail stores.

“I’ve been in this position for five years now. When I first got here, the condos were 62 percent occupied,” says Alyce Robertson, executive director of the Miami Downtown Development Authority. “We are at 95 to 97 percent occupancy now.”

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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