Miami: The Future of American Cities?

It all looks as expected when you arrive - palm trees and a little overcast with nice, mild temperatures in the middle of February.

The surprises start with the rental car fleet. The full-size SUV, which would be above average in size in New York and at most airports, feels small on Miami’s streets - almost like something to apologize for next to the armada of German and Italian luxury cars. It would be the first of many indications that something is afoot in Miami, a city that is quickly reinveting itself even as it is deals with the existential threat of climate change.

To be fair, I had not been to Miami in a long time. For many New Yorkers like myself, there was little reason to go – at least until now.  That is changing, however, as a decentralized workforce seeks out warmer locales and Miami boosts its cultural offerings.

Miami and Tech

Media coverage has focused on Miami because the city is booming. That has not always the case. In fact, there was little indication that the city would ever be booming again with the threat of climate change. After all, why would you buy a place or invest in a city that is predicted to be under water in the foreseeable future? Even Miami’s Chief Heat Offer, a kind of climate czar, puts the odds of Miami existing in 30 years at 50/50.

The city’s revitalization was boosted by the pandemic and the enhanced tech tools that enable work from anywhere. During the pandemic, San Francisco and New York City saw tech workers leaving in droves to places like Miami and others, and several businesses like Goldman Sachs and Jet Blue also flirted with the idea to move their headquarters down south. Some New York hedge fund stars like Paul Singer or Dan Loeb have, indeed, left for the Sunshine State. NYC tech executive Christian Busch, who moved to Miami after leaving the city during the pandemic, compares today’s tech community in Miami with New York City in 2005 – the time between the City’s first and second tech wave.

Miami aims to leapfrog the stages of development that New York City went through, however, and steal the title of “Crypto Capital”. While that goal may still be some time away, New Yorkers are coming down south to help. “In any downtown parking lot, half of the cars have NY license plates by now,” says Martin Serrano, who grew up in New York City and now builds the PSG Soccer School in Miami.

NYC vs. Miami

Looking at the economic numbers for both regions, the difference in the unemployment figure stands out. At the beginning of 2022, Miami counted 1.4% of residents as unemployed, while in New York City that number was almost 10%. Spring will narrow tha gap, but not close it.

Downtown Miami is best described for New Yorkers as being like Hudson Yards, the new construction on Manhattan’s West Side, where the young elite combine work, living, and entertainment.

Just a short drive from downtown is Miami’s #1 attraction for many visitors: the Wynwood area, with its painted concrete walls. New Yorkers may unfavorably compare the area to Williamsburg, but Wynwood sends an important message to New Yorkers - that Miami, too, knows how to harness the power of art and community. Back in 2009, developer Tony Goldman envisioned Wynwood as the foundation for a new creative community. Ten years later, his vision has transformed the city from cultural wasteland into the creative center for South Florida and beyond. (You can read more about the story of Wynwood in the book, Wall of Change).

A Good Time to See Miami For Yourself

New Yorkers are not easily impressed by other cities, but Miami may open eyes.

Wynwood and Art Basel Miami Beach, the Southern version of New York’s Frieze Art Show, has put Miami on the cultural map. Now, there are many culture and innovation events scheduled in Miami, like Aspen Idea Festival: Climate, Playing For Change Gala, or Formula 1 Grand Prix. All of these events take place in the first week of May 2022, making it a good time for New Yorkers to check the city out.

Is Miami the Future?

It remains to be seen what Miami can teach New York City about 21st century growth. It’s possible that Miami’s current boom is nothing more than a “corona bump,” and the city still must survive rising sea levels to thrive. However, with what Miami has accomplished in the past decade, it would be foolish to ignore the city’s potential now.

For more see two podcasts by the Financial Times and the New York Time.

No other city in the U.S. will be a better model for the climate future: Are people willing to except higher taxes in the low-tax state?

“It’s not a question of believing in science. The massive political and institutional resistance to taking action, in my view, is not largely ideological.It’s not largely even political. It’s a question of being intimidated by the price tag.” José Javier Rodríguez, a Democrat who represents Miami in Florida’s senate; Bloomberg’s “Miami’s Other Water Problem”, 2018