http://money.cnn.com/2013/03/07/smallbusiness/chavez-real-estate/index.html?iid=SF_SB_Lead
The recent death of Hugo Chavez will have affects that extend much farther than the borders of Venezuela. When the housing market crashed back in 2007, there were many expensive and high-end condos and homes left vacant in Florida. Many of the rich Venezuelans looking to escape Hugo Chavez's socialist economy went and bought up many of the vacant properties. With his recent death many of the people known for buying up properties will be sitting idle waiting to make decisions on whether to make purchases or not in Florida or back in Venezuela.
1 comment:
I never considered this being an issue, but it makes sense. This could also affect the labor market here if large enough quantities of Venezuelans decide that the new President has their interest in mind. The article also says that many of the investments were not only houses, but entrepreneurial businesses. The potential loss of these businesses could be detrimental to the state of the market in Florida.
Post a Comment