West Palm Beach Booms as Wealthy Newcomers Fuel Growth, But Gentrification Squeezes Longtime Residents
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West Palm Beach has seen major economic growth and development in recent years, partly due to an influx of wealthy residents fleeing pandemic restrictions. Its population grew 13% from 2010-2020.
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The downtown area has been transformed with new luxury shops, restaurants, and high-rise condos thanks to major investments by billionaire real estate developer Stephen Ross and his firm The Related Companies.
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Ross has donated millions to local educational initiatives, but also faces controversies over NFL tampering accusations and political ties to former President Trump.
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Soaring home prices and gentrification, with median prices up over 90% in 5 years, are squeezing middle- and lower-income residents.
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The city is working to redevelop struggling neighborhoods like the Historic Northwest to break cycles of poverty, but progress has been uneven.