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Economy

What Happens When the 1% Go Remote

It doesn’t take very many ultra-wealthy Americans changing their address to wreak havoc on cities’ finances. 

South Florida is one of the new destinations for the wealthiest Americans. 

South Florida is one of the new destinations for the wealthiest Americans. 

Photographer: Christina Mendenhall

The 1% are on the move. Tom Brady and Gisele Bündchen bought a $17 million teardown on Miami Beach’s ultra-exclusive Indian Creek island. Jared Kushner and Ivanka Trump, who are said to have plunked down $30 million for a lot, may be their neighbors. Recently it emerged that hedge fund Elliott Management Corp. is moving its Manhattan headquarters to South Florida, and that private equity giant Blackstone Group Inc. will open an office there. Goldman Sachs Group Inc. is reportedly considering relocating part of its asset management operations to the region, too. It’s not just happening on the East Coast. In the last few months, the venture capitalists David Blumberg and Keith Rabois decamped from the San Francisco Bay Area to Miami. All of this prompted Silicon Valley venture capitalist and startup guru Paul Graham to tweet: