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Is New York Keeping You Broke? The Truth About the Miami Migration · Earn Your Leisure

• 0:00
  Speaker 1: Place.
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  Speaker 2: I don't know if you saw it, but Miami metro
• 0:03
  Speaker 2: area for the first time ever the past New York
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  Speaker 2: metro area. It's actually more expensive than New York. So
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  Speaker 2: this brings up the great de beat Miami or New York.
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  Speaker 3: Okay, what are we going for?
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  Speaker 2: It is what it is like if you had to
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  Speaker 2: if you had to live somewhere and you only the
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  Speaker 2: only place in America you could live was New York
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  Speaker 2: in Miami, and you had to make a choice.
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  Speaker 1: But would you where would you live?
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  Speaker 4: I'm going right back to see fair. I like being
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  Speaker 4: close to the water. Now, the the vibes in New
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  Speaker 4: York aren't matched.
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  Speaker 1: The New York is doing the water.
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  Speaker 3: The Hudson.
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  Speaker 2: I like.
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  Speaker 3: I like ocean, you know what I mean.
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  Speaker 4: So that's like, if I can't go to Mexico, Miami
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  Speaker 4: is a great backup, like because the energy is similar.
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  Speaker 4: But if I had to pick one, even though I
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  Speaker 4: like the business structure, the creativity in New York. And
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  Speaker 4: maybe we can play that clip about the benefits of
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  Speaker 4: living there even though the cost of hide just energy wise,
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  Speaker 4: I feel more alive in Miami.
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  Speaker 1: Well, yeah, let's play that clip from the New York clip.
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  Speaker 3: Let's play that.
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  Speaker 5: Why do people stay in New York even while it's
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  Speaker 5: quietly making them broke? Median rent in Manhattan just hit
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  Speaker 5: around five thousand dollars a month, half a paycheck gone
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  Speaker 5: before food, and still nobody leaves. That isn't stubbornness. It's
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  Speaker 5: a bet, and the bet has a name. In eighteen ninety,
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  Speaker 5: an economist named Alfred Marshall noticed something strange about cities
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  Speaker 5: pack people doing similar work close together, and each one
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  Speaker 5: becomes more productive than they be alone. He called it agglomeration.
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  Speaker 5: A century later, Harvard's Edward Glazer proved it holds workers
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  Speaker 5: in dense cities earn more, learn faster, and produce more,
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  Speaker 5: and the effect grows the tighter you pack them. Proximity
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  Speaker 5: isn't a nice to have. It compounds. So here's what
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  Speaker 5: that five thousand dollars actually not an apartment proximity. You're
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  Speaker 5: paying for the room, the chance, hallway conversation, the friend
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  Speaker 5: of a friend who runs a fund, the intro that
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  Speaker 5: skips five years of grinding. New York has more wealthy
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  Speaker 5: investors per square mile than almost anywhere on Earth. Half
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  Speaker 5: a million college students feeding in every year, and the
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  Speaker 5: highest concentration of major buyers in the country. You're not
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  Speaker 5: renting a place to sleep, you're renting access to collisions,
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  Speaker 5: and there's a quieter engine. Surround yourself with people working
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  Speaker 5: brutally hard, and it drags your own baseline up. Ambition
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  Speaker 5: is contagious. Effort spreads like a virus. In New York,
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  Speaker 5: the whole city has the fever, so you catch it
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  Speaker 5: whether you meant to or not. But here's what nobody says.
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  Speaker 5: Proximity is not the same as success, and the city
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  Speaker 5: knows exactly what proximity is worth, which is why it
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  Speaker 5: prices your rent to swallow it. You pay the premium upfront,
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  Speaker 5: guaranteed every month. The upside only pays out for a
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  Speaker 5: few so most people go broke. Funding a lottery and
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  Speaker 5: the landlord collects whether or not your number ever comes up.
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  Speaker 5: The city sells the ticket. It never promised the prize,
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  Speaker 5: So why stay broke? Because leaving feels like folding the
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  Speaker 5: hand right before the last card. The fear was never
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  Speaker 5: the rent. It's that the one encounter that would have
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  Speaker 5: changed everything happens the week after you give up and
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  Speaker 5: move home. That fear is the most valuable thing. New
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  Speaker 5: York sells. It doesn't rent you an apartment. It rents
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  Speaker 5: you the version of yourself you might still become, and
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  Speaker 5: it charges you everything you have to keep you at
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  Speaker 5: the table.
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  Speaker 2: I would say this is somebody that's actually contemplated moving
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  Speaker 2: to Miami, and that I probably will end up moving
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  Speaker 2: to Miami at some point, as far as not full time.
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  Speaker 1: But you know, I just don't like whod.
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  Speaker 3: Lot of time.
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  Speaker 2: Yeah, let's go through this. Miami versus New York. Let's
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  Speaker 2: go through it. Let's go through it. New York City. Man,
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  Speaker 2: it's got to be the best summer ever from New
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  Speaker 2: York City. They want to roll York for sure. New
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  Speaker 2: York has things that no other place has where they
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  Speaker 2: have so many different attractions that you can do. You
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  Speaker 2: can go to a Broadway play, you can go to
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  Speaker 2: a museum, you can go to Sincera Park, you can
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  Speaker 2: go to outdoor cookout, basketball game. There's different cultures. The
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  Speaker 2: culinary scene is controversial, best culinary scene in America.
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  Speaker 1: So diversity is unmatched.
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  Speaker 4: The arts scene, shopping, the list goes.
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  Speaker 1: On, it's door activities, just the list goes on.
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  Speaker 2: Now Miami, what does Miami have? Miami has the best
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  Speaker 2: weather in America.
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  Speaker 1: For sure, hands down, hands down, Either.
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  Speaker 2: Like l A got with good weather's cold. It's cold
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  Speaker 2: in l at night. Every night is cold and it
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  Speaker 2: gets cold the winter. Remember we was going to l
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  Speaker 2: A a lot. La had a cold winter a few years
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  Speaker 2: ago and it was raining a lot. They had a
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  Speaker 2: bad winter, heavy rains.
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  Speaker 3: Cold traffic too. On top of it, Oh my god.
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  Speaker 2: It's always cold that night. So Miami has the best
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  Speaker 2: weather in America, hands down. They got they got the ocean,
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  Speaker 2: the beach south views. You still, no matter what man like,
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  Speaker 2: the ocean views is just it brings out your spirit.
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  Speaker 2: They have logistic problems as well when it comes to
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  Speaker 2: traffic any type of art bars or anything like that.
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  Speaker 1: Their traffic is terrible going from Wrickle over over the
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  Speaker 1: bridge gets backed up.
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  Speaker 2: That they don't they don't have the proper infrastructure for
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  Speaker 2: all the people that's moving down there, especially if they
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  Speaker 2: have a major event. That's that's something that they got
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  Speaker 2: to really work on. But you can get a boat
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  Speaker 2: in Miami and just cruise the bank. They have a
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  Speaker 2: great culinary scene as well. They have a great night
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  Speaker 2: life as well. They don't have as many culturally relevant
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  Speaker 2: things that's one thing about Miami that they don't have
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  Speaker 2: compared to New York City. And it's like even when
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  Speaker 2: we went to Abu Dhabi and they would have like
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  Speaker 2: a Steve Harvey had a food festival, and they were saying, like,
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  Speaker 2: they're looking to import more cultural things because they've they've
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  Speaker 2: built the cities up, but they have no culture. I'm like,
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  Speaker 2: there's certain things that you like. Like I said, it's
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  Speaker 2: just little, a little a random block party might just
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  Speaker 2: pop up or a random street fear in New York
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  Speaker 2: where Miami doesn't have that. Yeah, the culture, they don't
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  Speaker 2: have the same cultural element as New York.
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  Speaker 1: They have.
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  Speaker 2: They have the food scene, they have the night life,
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  Speaker 2: they have the weather, they have the scenery.
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  Speaker 4: You get more square footage of Miami too. It's getting
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  Speaker 4: it's getting tricky though, it's getting trick that's what they
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  Speaker 4: were saying. It used to be, yes, you're getting tricky,
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  Speaker 4: got further out. It's getting tricky now.
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  Speaker 2: So okay, tough decision depends on it depends on what
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  Speaker 2: you want.
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  Speaker 3: And no state income tax, no.
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  Speaker 2: State income taxes is a okay, there's no state income tax,
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  Speaker 2: that's major, But the property taxes is phenomenal. Sam in
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  Speaker 2: Texas unbelievable, believable and something sure as he pulled out
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  Speaker 2: of Florida. Like, the property tax is becoming a major
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  Speaker 2: issue because of all the floods and because of the hurricane.
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  Speaker 2: So there's no state income tax, but those property taxes
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  Speaker 2: is crazy.
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  Speaker 4: And that's another thing that in the conversation insurance, insurance part. Yeah,
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  Speaker 4: but that's what you gotta factor the insurance part and
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  Speaker 4: the property tax in when you want your dream home.
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  Speaker 3: That's another thing in inflation.
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  Speaker 4: We're gonna talk about the the the all the construction
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  Speaker 4: companies that are taking prices up, but the property tax
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  Speaker 4: is something you guys got a factor in when you
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  Speaker 4: want these mega mansions and mansions, Like everything is starting
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  Speaker 4: to be incredibly inflated.
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  Speaker 2: Yeah, the insurance is a major issue, and not just
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  Speaker 2: Miami but the whole whole state. Yeah, like I said,
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  Speaker 2: a lot of insurance actually pulled out a flaid, So
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  Speaker 2: you gotta factor that in. That's raising the cost of
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  Speaker 2: living because those things just keep going up to people
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  Speaker 2: that's paying a couple of thousand dollars a month and
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  Speaker 2: insurance for sure, Yeah, and just the insurance. Yeah, so
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  Speaker 2: that's crazy and then you gotta deal with the armageddon.
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  Speaker 2: Like they say, Miami's gonna be underwater in twenty years.
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  Speaker 3: It's been saying the same thing about California for the years.
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  Speaker 3: And if you're gonna go, it's a good place to go.
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  Speaker 2: I like Miami, though it's a tough decision to make
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  Speaker 2: because I just feel like, I don't know, it's difficult.
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  Speaker 1: It's difficult. It's difficult.
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  Speaker 4: The business in New York, well, I mean, infrastructure wise,
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  Speaker 4: no city can match New York almost and just like
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  Speaker 4: the media being there.
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  Speaker 2: But yeah, I just I think that when we look
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  Speaker 2: at Miami, it's fifty to fifty. That's why a lot
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  Speaker 2: of people are guess living in both places because what
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  Speaker 2: you get in Miami you can't get in New York,
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  Speaker 2: but you get in New York you can't get in Miami.
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  Speaker 2: They do compliment each other a lot. That's why a
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  Speaker 2: lot of New Yorkers have moved to Miami. And if
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  Speaker 2: you really, you know, can can you know do both?
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  Speaker 2: A lot of people live in New York and Miami.
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  Speaker 3: That's the real solution. It's both.
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  Speaker 4: You need a primary city and then you need a
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  Speaker 4: city that makes you feel alive for sure, So if
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  Speaker 4: you can afford it, definitely do both. But Miami is
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  Speaker 4: tough though. Miami is tough and in terms of the
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  Speaker 4: quality of life and just feeling alive though it's vibrant.
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  Speaker 4: It's one of the few cities in America that still
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  Speaker 4: feels lively post COVID.
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  Speaker 2: Yeah, Miami, yeah, yeah, yeah, yeah, No, it's it's it's
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  Speaker 2: it's yeah. Miami is definitely having a good run. That's
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  Speaker 2: that's why it's game so expensive, right, yeah, because it's
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  Speaker 2: having a good people.
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  Speaker 4: You know, New Yorker is always running press up everything too.
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  Speaker 4: That's the other part of the New York inflation.
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  Speaker 3: Y'all go somewhere. Y'all did in Atlanta, y'all doing it
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  Speaker 3: in Miami.
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  Speaker 4: You gotta find you a place to go to to
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  Speaker 4: move around so arbitried, that's the word, right.
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  Speaker 1: So you so your pick is Miami for sure?
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  Speaker 4: I mean I I at one point, I really because
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  Speaker 4: I was coming up there so much.
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  Speaker 3: I'm like, let me get a place in New York.
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  Speaker 1: Yeah for sure.
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  Speaker 3: Oh my gods, Like you know what, I want to
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  Speaker 3: sell a few places. I'm like.
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  Speaker 4: For the size that I'm getting, I'm like, oh my god,
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  Speaker 4: I'm gonna just stay in Houston. But in Miami you
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  Speaker 4: can you can still put pull off a penthouse for
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  Speaker 4: a nice margin. It's getting, it's getting for sure because
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  Speaker 4: ross moving around, bezos stem uh, Star Island Shock, buying up.
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  Speaker 1: Everything, and that's the rail inflation.
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  Speaker 2: Like people say, like, okay, like, I don't think it's
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  Speaker 2: the average person from New York that's moving down that's
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  Speaker 2: causing the inflation. It's the billionaires that's the head tunds
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  Speaker 2: into Wall Street South, that's what they call it, Wall
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  Speaker 2: Street South. So yeah, you got hedge funds, you got
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  Speaker 2: King Griffin, Citadel. Those are the people that's really raising
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  Speaker 2: the price of everything because now, yeah, of course they're
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  Speaker 2: living in Star Island and they're living in it. But
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  Speaker 2: it is a trickle down effect, for sure. It's a
• 10:53
  Speaker 2: trickle down effect that that definitely has a ripple effect.
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  Speaker 2: When you have just you know, fifteen billionaires moving a month,
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  Speaker 2: that's going to impact everything for sure.
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  Speaker 4: And then some of the top traders from those firms
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  Speaker 4: they're moving there, they're moving their families. They're like it
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  Speaker 4: definitely is a trickle down in fact, because for a
• 11:11
  Speaker 4: while Miami was kind of like the hack like pre
• 11:13
  Speaker 4: COVID to live in a nice city that was relatively affordable,
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  Speaker 4: and that's that's slowly going away.
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  Speaker 3: So but yeah, I'm definitely picking Miami.
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  Speaker 2: But I always love Miami. I love Miami my whole life,
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  Speaker 2: Like I went to go to the University of Miami.
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  Speaker 2: Actually really okay, I always love Miami.
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  Speaker 5: The vibe.
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  Speaker 2: Remember when I first got to Miami, seeing South Beach
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  Speaker 2: for the first time, Like, yeah, Miami is a special place, man.
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  Speaker 2: It's just it's like being in America, but kind of
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  Speaker 2: not being in America pretty much.
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  Speaker 5: Yeah.
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  Speaker 1: Yeah, it's like it's like a separate it's like separate
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  Speaker 1: from America.
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  Speaker 3: Yeah, pretty much. World Cup m