From CNBC: 2024-07-27 11:40:47

demand,” Rumbach said. “There’s not enough housing, so the demand for housing is high, which leads to prices going up. It’s just kind of a fundamental principle that people have known in housing economics for a long time.”Despite Little Haiti’s risk of climate disaster, the Magic City project, consisting of housing, office space and a hotel, is expected to address the neighborhood’s need for investment, said Zangrillo, the developer.”You’re changing the very fabric of these neighborhoods by providing housing, lodging and jobs,” he said. “You’re creating a powerful sense of place.”Crooks sees the development as an opportunity to meet the needs of both longtime residents and newcomers.”It’s cool to think about the concept of mixed-use, where you’re not pushing people out of their spaces, but you’re enriching the spaces that they’ve known,” she said.The city of Miami prides itself on its multicultural heritage and events like Art Basel, which simply “cannot exist without Little Haiti,” Zangrillo said.”You can’t live anywhere in Miami without going through a historically Black neighborhood,” said Crooks, who argued that the problem isn’t change but the way in which it occurs. “It’s really about who gets to be at the table and making those decisions. And ultimately, it’s about equity.”

Read more: ‘Climate gentrification’ fuels higher prices for longtime Miami residents