Miami

“And the five markets that took the hit the most in 20, 26 so far are Tampa, Austin, Austin leading the pack, Tampa, Miami, Orlando, and Dallas. Those are the five markets that have decelerated the most, that prices have gone down the most.”

“I think a lot of folks who went to Miami, who went to Austin, at least this is anecdotally my experience, have moved back to the Bay, and it seems like, yeah, this new wave of excitement around Yeah, kind of this platform shift is, is kind of bringing people b…”

“I lived in Miami for a while, and I think everybody in Miami, it's kind of smoke and mirrors in there.”

“Mayor Suarez in Miami dropped a number by 90% and he did it just by making sure that you got arrested every time you peed publicly and they don't put you in jail. They put you in, in rehab.”

“The answer is the ones that almost won in 2020 and 20 21. It's that simple because there wasn't enough gravity to get people to go to Miami outside of, you know, some hedge funds and others, and there wasn't enough gravity to go to Austin because it's really n…”

“A lot of people go into a kitchen and then move away to San Francisco, LA, Denver, Miami, and we had such roots in the kitchen with supply that people ended up taking us with them when they moved. So we did move from kitchen to kitchen, you know, and it went, …”

“SF, almost all the hiring and net hiring in tech is in SF. It's twice New York. And basically after SF in New York, there is no net hiring. It's net negative in Austin. It's net negative in Miami.”

“Gabe closed 1.5 million of his three million dollar round, and they opened their first dedicated facility in Miami.”

“In the US, we actually bought 30% of a publicly traded company in Israel. We're non-controlling shareholders. That company has access to retail investors and institutional investors, and with partnership with that company, we have bought two developments In Mi…”

“We're ranked the happiest city in America, the healthiest city in America.”

“So, in homeless specifically, we are at an eleven-year low. We did our census, we do two census a year. We do one in January, one in the summer, and our January census had us at an eleven-year low at 546 homeless, unsheltered homeless in the entire city of Mia…”

“We want to be the first major American city to have zero homeless, and we think we can get there.”

“We have the lowest unemployment in America. We have the highest median wage growth in America. We, I lowered taxes to the lowest level in history, and we've seen a 140% growth in nine years.”

“Last year we had 27. OK, we had 220 in 1980. This year we're trending below the 24. So we may this may be the safest year in the history recorded history of Miami.”

“I lowered taxes to the lowest level in history, and I took the city in 2009 as a councilman out of bankruptcy. So I got it in bankruptcy. We decided this is sort of the doge before doge. We decided not to raise taxes. We cut costs. We cut, you know, we didn't …”

“Two days ago, we announced that FC Barcelona moved their headquarters from New York to Miami, right?”

“Housing costs have certainly gone up significantly, and we do everything we can to leverage public dollars and public assets like land to try to build projects at a 15 to one or 20 to one leverage rate. So for a hundred million dollars invested, we'll get two …”

“You know, for Miami, it's probably a 120 dollars a click, right? For like truck injury lawyer.”

“There's just, like, LA is the hub for creators, right? I think it's very similar to, like, if you were building an AI company in SF versus New York, like, New York might be number two, and I think Miami is number two in the creator economy”

“Once there is a network effects that are just so incredibly powerful, they can't be broken, really. And we tried with San Francisco, I tried with San Francisco, like during COVID, there was a movement of people moving to Miami. Co-Host (Founder of Smol AI): Yo…”

“It still is just like a phenomenal place to go meet a lot of extremely wealthy people. Yeah. Yeah. Like it, I think everyone agrees that it is behind on, on hiring engineering talent, but in terms of just like lots of capital markets, powerful people having mo…”

“So it was a good thing that I sold my Miami place last year.”

“I do like that all of the Miami people are moving back here, and some of the most vocal Miami people have moved back.”

“Austin is kind of gotten, I'd say a little more robust and Miami not very robust so far, at least, you know, from our observation.”

“But I'm not seeing the tech talent in Miami, and I don't think it's going to get there.”

“Even Soho House, by the way, which is, you know, the example you gave, like they had to cut off Miami and New York City memberships because those got too crowded.”

“My thesis is there's only one like cool, this is, it can get me in trouble, but there's only one real cool city in Florida and it's Miami. So I'm sorry, but you know, I would actually argue there's zero cool cities in Florida. There's between zero and one cool…”

“Those politicians, what they're looking for is tech jobs. They're like, the, What they really need is a Google office. Like, they're not gonna get the Google office by having a startup culture, but their politicians didn't realize that.”

“We have tested, for example, in Miami as well for the heavy rain. We have tested in Death Valley for extreme temperatures. We have, ah, tested in Tahoe for snow. So there was a testing phase in which we went to 20 cities just to make sure with enough of a dive…”

“Also, I've known him since he was 16 years old, you know, so I was the first one that brought him to Miami at the time I paid like 400 dollars for the booking.”

“When he gets to Miami, Miami is a little less than 500 people living in a swamp. Because you can't live there. There was no AC at the time. And so then he builds the world's first railroad over for connecting the Florida Keys.”

“Yeah, so I live in Miami, and you know, I was just at Soho House, and it actually felt the opposite of community. Like, people were kind of just in their own world they Yeah, they, it didn't feel very cohesive in terms of the community that was there, and it …”

“And cash flow year one is almost non-existent or sometimes impossible to find in those markets for guys like me without the cheap cost of capital.”

“If you look at like on a metro basis, all of our existing metros are producing, you know, cash flow. So you have your call calling your cash cows, right? Philadelphia, Chicago's Boston's, Miami's all of our Texas markets of the world that are producing cash fl…”

“I'm not sure it will become a B to B hub. I'm confident it's already a tech hub of some sort, but even our last Miami meetup, which you were at, it was great.”

“At the beginning of 2020 everyone in Founders Fund was in San Francisco. There may have been an exception or two. And today in this office there's Keith Matias, Delian myself as the investors. Mike Solano's a VP here not on the investing side, but five fairly …”

“For some reason, I think Miami is just like hell on earth. It's not for some reason. I can name about 50 reasons why I think that. I think Miami is horrible.”

“It's cheaper than the Bay Area. It's cheaper than LA. When you kind of counter Kind of like all in costs.”

“What is interesting though, is I, to be honest, I think that more investors are here than founders. There's a lot of talk about like, People from tech coming here and I don't have any hard evidence or data on this, but there aren't a lot of founders here, whic…”

“We keep taxes as low as humanly possible. And shocker, our budget has doubled in size. Since we have kept taxes to the 19 sixties lows”

“Our homicide rate went down by 23% last year, this year it's down by 40% from the 23% of last year.”

“We have 1.4% unemployment. We have, we're number one in the nation in wage growth. We're number one in the nation in tech jobs. We're number one in tech job migration. I think we've moved two trillion AUM in the last 18 months. And our VC pipeline grew by 200%…”

“San Francisco and the Bay Area had a lock on the tech ecosystem, and because the political forces there defined tech as the enemy, they basically have driven it out, and as a result, you now have emergent tech hubs all over the United States, starting with Mia…”

“It generates about fifty million dollars a year, which you can bond out, and we've created a decentralized set of facilities all across the MSA.”

“We reduce homelessness by about 90% with that network.”

“In Miami, in the city, which is one of 34 cities in the county, we have 510. Homeless right now in the city.”

“It's the second, second best tech city here.”

“And it's led to fish on the street. It's led to octopuses in parking garages.”

“And if they do it right, they create an area that people continue to invest in and live in For decades, and if they do it wrong, they doom parts of the city to be flooded and unlivable and uninvestable in the next 20 or 30 years.”

“The report cites Miami as a city where efforts to adapt to climate change might actually be leaving some people worse off.”

“First, you know, the tech community right now in Miami, it's great, it seems to be in San Francisco in 2015, right?”

“These people, if you were flying to San Francisco, some of these big guys, they would never meet you because they're super busy, but when they come to Miami, then they want to meet as many people as possible, and so you have the chance to meet them, and so the…”

“One difference between Florida or Miami in particular and California and San Francisco in particular is nobody hates money or success over here. They're happy for, you know, all these rich people to come in and spend their money. They really believe in capital…”

“I think it's going to create this almost Miami mafia, so to speak, around here of amazing people.”

“Miami, the good thing about Miami is we know it'll be open no matter what, right?”

“Miami is like the Singapore of Latin America, which is to say that if you've got like a, you know, Mexican national and a guy from Paraguay and they want to do a deal, they'll do it in Miami because everybody knows it. They all respect it. It's like a decentra…”

“He's the one who convinced Keith Raboy to move To Miami.”

“I think if hadn't gotten punched in the face by the homeless person, I think this all would have played out very differently.”

“We launched this initiative on Twitter and the room got booked for the first three months, which is all that we allowed, like in 24 hours.”

“I also think that we should do Miami first, because they're not, afraid to come out to an audience. I think that people in New York and California still have, they have more PTSD.”