If you're a tenant living in one of the 240 units on South Beach that just got bought by Broadway Properties for $59 million, you might have to find a new home.
The new owner plans to renovate the 15 older Art Deco apartment buildings and hike the rent by up to 50 percent. It's a record multi-housing deal in South Beach. Naturally they'll shift away from the working-class tenants who currently occupy them towards "people who drive Porsches" and don't want to live in high rises.
South Beach has such an interesting and diverse mix of people it is sad that all of these folks will be forced out with few options in Sobe for them.