I love in Miami; there are A LOT of rich people here. These people are actually rich too, as in 6 figure salaries are what they consider just well off. The majority of them are ultra wealthy Latin Americans or Europeans who live here part of the time and maybe have their kids go to high school here where they basically live on their own in huge apartments.
The sad thing is there is actually shortage in housing and the rents are getting extremely high while wages are absolute shit. It doesn't help that every new apartment complex that gets built are marketed as "luxury" apartments for the ultra rich. There are two separate markets for renters here. When you can build ultra luxury appartments and rent them for $5000 - $10000 a month, there is no reason to construct more lower to middle class housing.
The foreign money was a problem in NYC too. Lots of new buildings with empty apartments owned by international buyers. I like to view myself as a capitalist, but this seems like a break-down of the system. I'm not sure if the problem is regulatory overhead making low-cost housing impossible to build, or what, but it does cause resentment.
The sad thing is there is actually shortage in housing and the rents are getting extremely high while wages are absolute shit. It doesn't help that every new apartment complex that gets built are marketed as "luxury" apartments for the ultra rich. There are two separate markets for renters here. When you can build ultra luxury appartments and rent them for $5000 - $10000 a month, there is no reason to construct more lower to middle class housing.