-Sharon Hawkins is a real estate agent in Miami,
which has one of the hottest real estate markets in the U.S.,
and, although this market trend is good for her business,
it has not helped her own housing situation.
A dear friend, thank God, has the possibility,
has an apartment she's not using.
It belongs to her mom, who lives in her native country,
so she's going to lend it to me.
This is not the first time she's had to move
because of high prices in Miami.
When the sales boom began and prices rose,
the apartment [I rented] was put on sale.
At the same time, my lease was ending.
They hadn't sold it yet but they raised my rent.
I was told my new lease would say I had to pay $4,000 a month.
And now, the apartment she found
for $3,000 a month less than a year ago
is being sold, and she was asked to leave.
What do you do when you get news like that?
What happens? Your life changes.
The pandemic changed how and where people live,
and, across the country, many moved to cities
where they could get more square footage, like Miami.
The city became a refuge
for wealthy tech and crypto entrepreneurs,
and Latin Americans looking to invest.
That had a seismic effect on Sharon
and many more Miami residents,
who have experienced the effects of a booming real estate market.
♪♪
In the past two years, the city has topped the list
of the highest rent hikes in the country.
On Collins Ave, one of South Florida's
most iconic thoroughfares,
some home prices have nearly doubled.
Miami now faces a housing crisis,
one where renters and owners are often unable
to live where they work.
-We have a nationwide affordability crisis,
but nowhere worse than in Miami-Dade County.
-The crisis doesn't affect everyone, though.
Miami's affordable to those who have the money to spend.
A million dollars can get you more square footage
than in Paris, Geneva, London, and Hong Kong.
At least for now.
-So you're entering the house on Palm Island.
-Jill Hertzberg, a native of Miami,
specializes in the sale
of luxury real estate in South Florida
and sees this trend as more than a temporary bubble.
-I mean, people are calling us Tech City,
and finance is coming here, banking's coming here,
major food groups are coming here.
And it's different from before
because, before, in, like, 2005, '06, and '07,
they had money, and they were coming here,
but they were still working there.
-This house, at 30 Palm Avenue, in Miami Beach,
is being offered at $43 million
and belongs to an investor from South America.
Wealthy Latin Americans in Miami have a long history.
-And what's beautiful, what people really, really like
is that what you want to see right away is
the Miami lifestyle -- the view, the air, the space, the water.
-Political and economic change across Latin America
has encouraged many to move their money to South Florida,
a region they see as a safe haven
to invest and move their money.
The price has a negotiable range.
That can be talked about.
But not all are super rich.
Some, like Jaime Leyton, a native of Chile,
see that there's also space for moderate investment.
I think Miami has many virtues.
It generates peace, tranquility being close to the sea.
You get some shade, sit here, have a drink and relax.
And you can enjoy a great summer day.
News about Miami started arriving to Chile
on how it was a good place to invest.
So I think in that context,
many are looking [to invest] in Miami.
Jamie has been touring apartments in Miami Beach
with the idea to offer it later as a short rental option
on platforms like Airbnb.
He says his budget is around $800,000 to $900,000.
Under Florida state law, rent control is banned,
and there are no limits on how much landlords can raise rents.
In the U.S., only a handful of states and cities
have legislation curbing rents.
The rest leave it up to market trends.
That made rents in South Florida go up by almost 58%,
the biggest spike in the country,
according to realtor.com.
-We've always had a gap
in people's ability to pay for housing.
But as housing prices have risen exponentially,
salaries have not kept pace.
With the arrival of lots of new folks,
we're thrilled to have them and their businesses.
They are increasing the demand for housing,
and it's driving up these prices.
So we have to do something dramatic.
We have to do everything possible
to make sure that people who work here
can afford to live here.
-Some, like Sharon, are starting to ask themselves
if staying put is the right choice.
Sometimes I ask myself if should I leave Miami.
How would I leave Miami?
My son's in 10th grade, he has two years left of school.
I like Miami, my business is here, my clients are here.
I get calls from people asking
for a one-bedroom apartment for $1,500.
That doesn't exist, that doesn't exist.
It's happening to me as well [being priced out].
It could happen to anyone.
♪♪