Author George Packer writes about Florida’s real-estate market and the economic downturn. He visits a number of inland real-estate developments near Tampa, Florida. Developers there dreamed up instant communities. The houses sold to some of the thousand or so people who moved to Florida every day. Now many are ghost subdivisions…Gary Mormino, a professor at the University of South Florida in St. Petersburg, tells the writer that, “Florida, in some ways, resembles a modern Ponzi scheme. Everything is fine for me if a thousand newcomers come tomorrow.” The state depends for revenue on real-estate deals and sales taxes. By 2005, the housing market in Florida was hotter than it had ever been.
By George Packer, Feb 9, 2009, The New Yorker

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