The logic behind the Miami real estate boom is quite intriguing. Tech founders are concentrating their property purchases, which in some ways resembles Goldman Sachs' strategy years ago in New Jersey — renovating entire buildings across the river in New York and waiting, essentially engaging in silent negotiations. Real estate positioning is a form of leverage. Tax havens, livability indices, and talent clustering effects are surface reasons; fundamentally, it’s a competition among cities to attract top talent. Cities that are too harsh on the wealthy and innovators risk driving talent to places with more favorable tax rates. The rise of Miami and Texas in recent years is less about their own attractiveness and more a result of other high-tax regions being pushed out. Property appreciation is just the surface; the real contest is who can retain the group of people capable of transforming industries.