Toluse Olorunnipa
May 2, 2014

As the luxury bus ferried a dozen of his clients past building sites, Miami property consultant Peter Zalewski rattled off names of 50 area high-rises being financed by money from Venezuela, Hong Kong and Argentina.

Credit: jason_photos / Flickr
Credit: jason_photos / Flickr

Blocks away, locals live on as little as $11 a day.

It’s another boom in Miami, which has been at the mercy of real-estate speculators since the 1920s. The latest influx of capital is deepening inequality in a city where the distribution of wealth more closely resembles a developing country than the most advanced industrialized nation.

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