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Miami Condo Market Shows a Way to Solve Inventory Glut

Cranes dominate the skyline of downtown Miami, Florida, in 2007
Cranes dominate the skyline of downtown Miami, Florida, in 2007Photograph by Lynne Sladky/AP Photo

Don’t look now, America, but Miami might actually be setting a positive example for the rest us.

Never mind how my hometown’s biodiversity features corruption, gaping income inequality, and octagenarians who floor their 30-foot sedans to make early-bird dinner specials. More recently, South Florida was a hotbed of subprime excess that gave rise to an absurd number of half-financed, quarter-occupied condo towers. That overdependence on glass, concrete, and teaser mortgages left the local economy devastated once housing collapsed.