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Kaley Cuoco
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Michael Smith
Details Headline of Bloomberg News is Trump's migrant crackdown adds to Miami's real estate woes. So in addition to the skyrocketing insurance costs and condo maintenance fees, higher mortgage rates, soaring property prices and a post pandemic, we could call it, housing boom correction. Also a glut of new inventory on the market. For the Miami metro area this past March, it's up to over 51,000 homes, which is the second highest level on record for March. You've got listings up nearly 5% from the month before, which is a bigger increase than normal for this time of year. You've got 17.9% of pending home sales in Miami fell through in March, which is up actually basically 18% of home sales is what you have having fallen through. So like you've got this kind of apocalyptic scenario in Miami real estate, which by the way, that's our whole industry in Miami, if not the entire state of Florida. What I mean is that as the real estate industry goes and particularly the condo market goes, so too goes our economy. And we'll get into that and it's going to be a problem nationwide. But remember in Florida in 2007, a year before the Great Recession, Florida's economy started to slip. So we are the canary in the coal mine. We, we are the bellwether for economic trends and this is a major one. And we have with us Michael Smith, coauthor of that article. He's a national reporter for Bloomberg News, headquartered out of their Miami office. Even though you wouldn't know it, it looks like he's in Guantanamo. If you can see him on, on the, the video here, he has a beautiful view of a gray wall with some peculiar, peculiar electronic devices on the wall. It's all very unpleasant. I hope they're. Blink twice if you need. Well, we'll send somebody for you. But Michael, tell us to really what you're saying here, the thesis of this article is that there's a compounding effect here when you have a community like Miami which is 50% foreign born, when you have people from other countries, Canada, South America, Europe, who ordinarily come here both as tourists and with their flight capital to establish either second residency, temporary residency, full time residency, that ain't happening. Right, because of Trump's immigration policy. So tell me what impact that appears to be happening on the Miami market.
Roy
Yeah, it's quite an interesting theme and I just sort of came across it by talking to a source who works in real estate, like you said, to like half the people in Miami basically. And she started to tell me you know, it's getting really hard to rent or buy to foreigners in Miami because of Trump. And I'm like, what do you mean? And she, and then later a bunch of other people I talked to basically said that there's sort of a new, a new regime going on in real estate in Miami where landlords, for example, who want to rent to say, somebody who, who just wants to rent a, rent a place, rent a condo or a house, are demanding to see proof of citizenship, green card, passport, whatever. Used to just be all you needed was sort of a photo id, but now they want that because they're worried that their tenant might be deported if they don't have that. You know, especially regarding, you know, the Venezuelans, Cubans, etc. That have this temporary status that Trump is restricting and even taking away. That's one side of the market, so to speak. The other side of it is wealthier. People who live in Latin America, etcetera, Have always come to Miami to buy a condo to sort of, like you said, to park their money invested in real estate. And there's a reluctance that's starting to, sort of signs of reluctance in that end as well, where people are reluctant to invest in real state if they don't have a US Passport or green card because they're worried that they'll never be able to come and see their property or enjoy it. So those are sort of the two fronts, what they're seeing in the market where it's actually affecting things already.
Michael Smith
Okay, so it's only the buyers and the sellers then it's only the, it's only the sellers and the landlords who are concerned about selling or renting to immigrants and the immigrants themselves who are concerned about renting or buying in the. But otherwise everything's fine is what you're telling me. So you've cited some anecdotal evidence here, but there is some data to back this up because obviously, as we've already said, this is a national trend. Every market, real estate or that market that relies on tourism or outsiders like Florida does disproportionately. And let me be clear, the real estate industry generates almost a quarter of Florida's economic activity, more so than any other state. And there are a lot of Realtors in the state of Florida and particularly South Florida as well. But by the way, when we say it generates a quarter, this is right from Bloomberg story, from Michael Story, almost a quarter of Florida's economic activity. I believe that just refers to real estate specifically. Then you have a, obviously a domino effect from there because these people who are buying this property and moving to, to Miami, what that does for the sales tax base, what that does for local businesses, what that does for you're, we're bringing people here, growth being sort of our only industry here. If that stops happening, it's not just the real estate industry that collapses. It's every industry. It's real estate, it's hospitality, entertainment, restaurants, it's construction and designing and architecture and all of the businesses that revolve around this. So, but Michael, get me into the numbers here. What are we seeing decline wise in Miami that seems to bear out that we are uniquely, I guess the biggest.
Roy
Number, so to speak, is home sales are down 17% in March. That's the latest data we have from a year earlier in, in greater Miami. And that's six times the national sort of rate of decline.
Michael Smith
Whoa.
Roy
And that's, that's, we're talking about March, you know, so that's enough time now for the Trump effect to sort of be showing up.
Michael Smith
And it's not getting better, I have to think, right. Anecdotally, at least.
Roy
No, it's not. It's gotten worse from say February, March, for example. And also another key indicator is if you want to sell a home or a condo, it's going to take you a medium almost 100 days on the market before you can find a buyer. And that's a huge change from before. And what we're hearing from people in the business is that there's just less demand because of so many immigrants, legal and otherwise, are out of the market, are being forced out of the market, so to speak. There's not that demand that they, that's so important in Miami. Like you said, you know, that's probably the key indicator. And then also prices have gone down quite a bit, 16% in the past year. This is data that sort of backs up what we're hearing anecdotally. Still don't have that specific data saying, oh, this much of the decline is caused by, you know, the evaporation of the immigrant market, so to speak.
Michael Smith
But sure, but we may never, we may never have that kind of grand data ever. But I will say you said 17%. It is closer to 18%. It's like 17.8 or 17.9, which again, six times the national decline that is in the Miami metro market. A market that has how many real estate agents, Michael?
Roy
Yeah, so this is, you know, I've been in Miami eight years and I was always just incredulous at how many People I meet and see who are Realtors. It's just such a dominant business. So I'm like, well, how many are there actually? So I dug it took a while, but I found Bureau of Labor Statistics numbers. They actually measure that profession in cities around the country. And there are about 11,000, according to the US government, real estate agents in South Florida. And that's like double the number in L A or New York, which are cities that are way bigger than Miami. And I think that's actually conservative. Like, I've seen estimates for, you know, 40, 50,000. You know, there's other estimates in the market of how many people actually work in real estate. But let's just take the conservative one is still. It's still a big number.
Michael Smith
Yeah, I remember a lot of people. Peter Zalowski from Condo Vultures had told me. He's like, this is around. There was, like, around the time of The Great Recession, 2007, 2008, there was about 20,000 and change registered real estate agents in the state of Florida. And now it's over 60,000 state. So that is tripled in. In. In less than 17, 18 years. And so also, we're dealing in a state here where, despite growth being like, our sole industry and, you know, whether that's tourism, whether that's real estate, we have a legislature and a governor and Ron DeSantis, who have been, as you guys put it, augmenting federal immigration efforts with one of the toughest state crackdowns in the nation. Just this past week, task forces consisting of federal, local and state law enforcement have arrested over 1100 suspected, quote, unquote, criminal immigrants. So you have a generally unwelcoming kind of atmosphere in a state where we rely almost solely on that outside income. So how is that contributing to the fear factor here?
Roy
Yeah, I think that's kind of what we're hearing anecdotally, if you will, you know, from people who are. Who are pretty knowledgeable about how this market works. So there is a fear on the part of people who are buying, like you said, if they don't have status, they don't want to put their money into something they may not be able to enjoy. Who knows what would happen if you get deported and you own property here. And then there's also the sort of a repression on the other side from, you know, from the. From the landlords who are like, I'm not going to rent to inventory. I'm not going to, you know, certainly going to sell. If you don't have some sort of proof of citizenship. And that's a huge change. So that's creating a factor of how basically what that means is a lot of immigrant families that don't have green cards, maybe have temporary status, they're renting an apartment or renting a house somewhere. These are people that aren't making a lot of money and their lease rens out, they're having trouble renewing their lease or finding another place to live because of this. So I think it's really, my impression is it is much harder for folks like that to rent, which will turn into all kinds of other sort of impact on people's lives. You know, where are you going to live? One other really important element of this that I discovered also by talking to a mortgage broker here, one thing that Trump has done, which I didn't realize with FHA loans, Federal Housing Administration mortgages, which are a huge thing, you know, they account for 16% of all single family mortgages in America and they're designed for first time buyers or people have a lot of money for a down payment. Because you put down 3.5%, you get, you can have a much lower credit score. Well, Trump changed the rules to where FHA will not give you a mortgage if you don't have proof of citizenship or permanent residency. That's a huge change that's going to really, really affect just sort of normal people who used to be able to get a mortgage that way and can't. So you can imagine as that ripples through the economy, it's going to have an even bigger impact on what we're talking about here.
Michael Smith
We're here in downtown Miami, right near the Brickell neighborhood and anecdotally, what's happening right outside of our window. According to Your article in bloomberg.com 1Miami Real Estate agent told you that in recent months, 2/3 of his clients in the high rise luxury market in the Brickell district have scrapped plans to buy 2/3. Another said that demand isn't only down substantially among visa holders, but supply is also growing because some owners who don't have permanent residency are, as you said earlier, looking to sell their homes here and then buy in Europe or Latin America instead. Are we headed for a total now, by the way? One would argue in this Miami has always subsisted on these boom and bust cycles. And it seems that the pandemic boom almost artificially kind of extended this last boom. So you can argue that we're overdue for a correction, as the kids say. But does it seem imminent now that with just the trends, the way they're going and the exacerbation of the immigrant crackdown in a community of immigrants in a city and state that relies on this outside income and tourism, is this collapse inevitable? And what does it seem to indicate nationwide?
Roy
Yeah, I mean, at least from the reporting I was able to do, it's certainly happening and nobody thinks it's going to reverse itself anytime soon. If you have these underlying, this underlying immigration crackdown and like it's just so ample qualified in Miami because of, like you said, you know, Miami, I didn't realize this, but like I think it's 54% of, according to the U.S. census of People here are foreign more. That's like double New York, you know, incredible when you think about that foreigners, people who were not from the United States are such a critical part of our economy. And if, if you're basically shutting out people or making them scared like, like that, you know, or just wanting to get out because they're not sure where things are going in this country, a lot of people do think that it's going to just exacerbate this decline that was already happening maybe because of the post pandemic, who knows? But it's not, you know, in terms of south Florida. It's just sort of magnifying things. So yeah, it's, it's, there's a lot of concern about what's, you know, what the future holds, if you will.
Michael Smith
Michael Smith, read him@Bloomberg.com this is going to be one to follow because obviously you're going to, well, follow it right down, I think. Right. Follow. Well, we will spiral with you, Michael, and continue to, to follow this and check in with you. Thanks so much for joining us.
Roy
Yeah, let's keep in touch because I'm writing a lot more about this.
Michael Smith
So how depressing. Although I guess, I guess on the other side is that like prices are finally coming down. So the locals, I guess I should be happy about this, right?
Roy
If you're in the market for a house, I think it's, it's going to get easier to find something you can afford, maybe.
Michael Smith
Look at that, Mogatov. Look at that. Roy. We ended on, we ended on some good news for the locals.
Mike Ryan
I'm staying my ass at Broward.
Michael Smith
Well, you're not looking to buy in Miami Dade. Now's the time, man.
Mike Ryan
And I'm trying to travel up north, stand next to Stugotz.
Michael Smith
The new Pope. Yes, the new Pope. Congratulations to Guts on the fourth, on the fourth round of voting. Mazel tov to the new Pope.
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Roy
Only Miami do we hear from the.
Michael Smith
Voice and face of corruption.
Kaley Cuoco
To talk to us about corruption, that's.
Michael Smith
Miami commissioner Joe Corollo. And he's officially been cleared of several criminal accusations after a public corruption unit in Broward county said, quote, the state cannot prove beyond a reasonable doubt that Corollo's actions rose to a criminal offense. Investigation or cover up. That is always the question in this town when they're investigating public corruption. Time frame because Miami exclusive, they never bothered to interview at least six key witnesses. We Miami Dade State attorney Katherine Fernandez Rundle, our top cop in the community since 1993, since Janet Reno left for the Clinton administration.
Mike Ryan
Get rid of her.
Michael Smith
Can't. Just unbelievable. Like, like, like cockroaches, crocodiles, Twinkies and Fidel Castro. They just, they. They live forever. So Kathy Rundle has to repeatedly recuse herself from local public corruption cases. Porque why? Because she's involved in all the corruption. When you've been an elected official in this town for over three decades, you are part of the incestuous cesspool that is Miami politics. And so she has to keep recusing herself from it. So what has to happen is the governor has to re it to Harold Pryor, the state attorney in Broward county. And he has done not a goddamn thing. In fact, after arresting Miami commissioner Alex Diaz Laportia and him being removed from office A year later he let him go and said, actually our bad, he didn't do anything wrong. Those charges of bribery, those charges of money laundering, of campaign finance crimes. No, no, it seems, it seems like that was totally, totally kosher. So you have somebody who is either incompetent or outright corrupt and covering up for this. And now Broward County State attorney Harold Pryor has cleared Miami commissioner in a closeout memo published just a couple of weeks ago. Assistant state attorneys Alexandra Weil and Julio Gonzalez, who is chief of Broward's public corruption unit. I'll give you a guess where he used to work before that.
Mike Ryan
Definitely not Jacksonville.
Michael Smith
Katherine Fernandez Rundle's office. Oh, okay. So he used to work for the woman who had to recuse herself from this case for a conflict of interest. Despite the fact that the very first paragraph of their closeout memo identifies, quote, Commissioner Corolla's actions regarding ball and chain owner Bill Fuller, end quote, as the number one impetus for this inquiry. You know that you have been targeting my business. Everybody in the city knows you've been targeting my business. They never interviewed Bill Fuller. They never even contacted him. This closeout memo reads like a cover up. It flagrantly ignores vital testimony that was given under oath and available in trial transcripts, in depositions and even in public media reports. You'll remember Roy Bill Fuller and his business partner Martin Panilla, property owners in Little Havana including they own the historic ball and chain nightclub on Calle Ocho. They successfully sued Joe Corollo and won a federal civil judgment. Corollo was ordered to pay $63 million after losing a civil case and accused him of weaponizing police and code enforcement officers against to the owners of ball and chain restaurants.
Roy
It feels great to finally smush that cucaracha.
Michael Smith
Guess what? They didn't bother to interview Martin Panilla, the partner either. And they failed to interview their attorney, Jeff Gutchis, who has spent over six and a half years gathering evidence and successfully trying that federal civil corruption case that ended in a 63 and a half million dollar verdict. He was never contacted by Broward for any of the information and evidence that he has compiled through multiple litigations, dozens of witnesses, thousands of pages of evidence and public records. The Broward state Attorney's office in their so called corruption investigation against Joe Carollo also never contacted former Miami city manager Emilio Gonzalez. Unfortunately, what happens at City hall right now has very little bearing on on the residents. It's almost like a predator city. And former Miami police chief George Collina. Listen, you're not going to bully me.
Kaley Cuoco
Like you do the other people.
Michael Smith
Listen, I'm not intimidated here and I'm intimidatedly ridiculous that we have spent time on this already.
Roy
What's ridiculous is, Chief, is your attitude coming here.
Michael Smith
Both of whom testified under oath and provided email evidence and records exhibits that appeared at the successful federal civil corruption trial against Joe Corrello, they were never contacted or interviewed by the Broward State Attorney's office in this corruption case. But they themselves have firsthand knowledge. They witnessed events and have actual physical documentary evidence of this corruption. Never contacted the complaints that attorney Jeff Gutchis has drafted, they read like rico, like racketeering indictments that could be blueprints for a possible criminal indictment. But it doesn't even appear that the Broward State Attorney's office ever bothered to read them or even look at them. Nor did they convene a grand jury or subpoena witnesses when they know that they are dealing with a well documented environment of threats, intimidation and abuse of power. So I know of several potential witnesses who would testify, who would cooperate and give interviews, but they're not going to volunteer because they're so scared of retaliation and revenge here in Miami. And the State Attorney's office in Broward, who of course has subpoena power and could talk to just about anybody about anything that they want, never bothered to do it. So they've now botched the two major duty public corruption cases in Miami of our time here. Alex Diaz, La Portilla and Joe Carollo. It's not because they're not corrupt. It's because the people who are supposed to hold these public officials accountable are either incompetent or corrupt.
Mike Ryan
What do you mean?
Michael Smith
Or it could be and, and, or. Oftentimes, by the way, the incompetence begets corruption when they try to cover up their own incompetence. But Harold Pryor, the Broward County State Attorney, his assistant state attorneys, Alexandra Weil and Julio Gonzalez, his chief of the Public Corruption Unit. They're either incompetent or corrupt or, and. Or both. You know who else they didn't bother to interview?
Mike Ryan
Who's that?
Michael Smith
Billy? Former Corollo Chief of staff Jose Suarez. I was berated for being transparent. I was told that I needed to lawyer up in mass. Miami Mafia Mirda. Just a week or so before the Broward State Attorney's office released this bullshit closeout memo, not saying Joe Correll didn't do anything corrupt, but that the corruption apparently doesn't rise to criminality because they can't find Sufficient evidence. Despite the fact they never bothered to find sufficient evidence, Suarez had filed a sworn declaration that he witnessed Joe Carollo allegedly blackmail City Manager Art Noriega during a phone call.
Roy
I'll sit with Billy Corbyn across the.
Mike Ryan
Table and I'll present everything to him. I have no issue with that at all.
Michael Smith
Blackmail, by the way, would be a crime. But despite the fact that I had actually broken this news online prior to the Broward State Attorney's office closing out this corruption case, they never bothered to call Jose Suarez, who not only witnessed this alleged blackmail attempt, but alleged a litany of malfeasance. Jose Suarez says he was present during a tense telephone conversation between Mr. Corollo and Mr. Noriega. During that call, I witnessed Mr. Corollo threaten that if Mr. Noriega did not do what Mr. Corollo instructed, Carollo would reveal to the public incriminating information he had about Mr. Noriega. The incriminating information Carot held over Noriega's head like a sword. That's what he wrote, was that Mr. Noriega had previously committed fraud on the court and upon his ex wife by lying under oath and claiming that he had no ownership in a property in Miami Dade county, when in fact he maintained a secret ownership interest in that party, effectively an attempt to hide or a successful attempt to hide assets from his wife during the divorce. So this declaration was filed in yet another lawsuit from the ball and chain guys against the so called Garroyo cabal which consists of not only Joe Carollo, but City Manager Art Noriega, disgraced X or fired city attorney slash mob lawyer Tricky Vicki Mendez, you are a vile little man. As well as various other department heads at the City of Miami who allegedly conspired to weaponize the city government against these private business owners to violate their constitutional rights. And so what's happening is that the city manager, Art Noriega and Tricky Vicki want filed a motion to dismiss, I guess the case against them because the city of Miami taxpayers, Roy, have had to hire a over a dozen defense attorneys to defend all of the corruption going on in the city just in this one case. So Jose Suarez filed this declaration basically saying like, I have more evidence of malfeasance here that could conceivably prove the culpability of the city manager and the city attorney. And here are some of the highlights from that sworn declaration. These are direct quotes. Although Mr. Carollo never articulated to me directly a specific directive or plan to punish these individuals and businesses, I was present for countless hours of him ranting about them. And often as he looked at documents related to them and their businesses, he was so consumed that he even began referring to them as the 8th Street Boys. The 8th Street Boys. Mr. Carollyo's rants would often occur while I was in the car with him, traveling along Southwest 8th street to observe what might be occurring at the business owned or operated by Mr. Fuller and the others. This happened on more occasions than I can count. Carollo also regularly directed other staff members to drive him along the corridor where Fuller's businesses were located so he could monitor what they were doing day and night. It did not matter. Mr. Carollo would regularly allege some of those businesses were a front for Venezuelan money laundering. When Mr. Carollo was unable to get the administration to to go after Mr. Fuller and his partners, Carollo enlisted City Attorney Victoria Mendez to do his bidding. Mr. Carollo would often meet with Ms. Mendez in our office or at a few fast food restaurants near City hall or his commission district. Believe that was a Wendy's, but his favorite is Burger King. It became apparent, according to Mr. Suarez, to me, that Ms. Mendez went out of her way to appease Mr. Carollo, who had the ability at any time to call for the commission to vote for her removal. It was common knowledge that at least one, possibly two other commissioners, as well as Mayor Francis Suarez were not happy with Ms. Mendez serving as city attorney. My impression was that Mr. Carollo used the possibility of terminating Ms. Mendez as a means of ensuring she carried out his wishes. Although Ms. Mendez was Carollo's primary enabler, Mr. Carollo would also rely on Mary Lugo to get city employees to provide documents or other information he could use in his vendetta against Mr. Fuller and the others. Mary Lugo, a well known Corolla ally. Attorneys for plaintiffs Bill Fuller and Martin Panilla have brought up Lugo multiple times during this case, telling jurors she helped as Corollo used city resources to target Fuller and Panilla's businesses. I viewed Mr. Carollo's use of Ms. Lugo as a way of circumventing the City charter, which prohibited commissioners from directing city employees to undertake any actions at their request. Ms. Lugo was uniquely qualified to assist Mr. Carollo since she was one of the top officials in the union that represents general employees in the city of Miami. Mr. Carollyo considered Noriega an ally when he was the executive director of the Miami Parking Authority for decades earlier he had sponsored a lot of Carollo's kind of private events and so they had an interesting and complicated relationship. And Corollo had at the time publicly called for a nationwide search to find a new city manager. But he had always intended to to vote for Art Noriega and help install him into office because he knew Art Noriega would play ball with his shady, corrupt, and possibly illegal schemes. Quote. Mr. Carollo leveraged the change in managers in February 2020 and the COVID lockdowns that began in March 2020 to gain control of city government. During this time period, there was a noticeable increase in how much power Mr. Carollo was wielding, both on the dais and within the administration, seemingly fully seizing power as Mayor Suarez became focused on cryptocurrency and the tech industry. In contrast to the city imposition of violations against Fuller, Mr. Carollo operated with impunity and began to disregard the city's own ordinances. Again, despite all of these allegations, in. In a sworn statement, the Broward County State Attorney's office has never talked to this man or any of the five other key witnesses that I discovered had never been contacted by the office in their so called corruption investigation. And that is why the Miami Mafia is undefeated. This month marked the transition into the real ID system. For your driver's license, you need that new, like digitally holographic driver's license. You get one, Roy?
Mike Ryan
Yeah, I made sure I got it because I got to be on planes and not get arrested and stuff like that.
Michael Smith
Yeah, that would be helpful. Certainly. The. It also marked, by the way, months of days long waits at DMVs in South Florida such that they're changing all kinds of rules and laws now because there are people who are like, selling reservations and places in line and they're now like, trying to outlaw that, which is A, making it easier for people to get appointments, but B, not making the waits any shorter.
Mike Ryan
See, when I did it, it was just hours long and that was just a normal day at the dmv.
Michael Smith
Now it's like, it's classic. Like, it's like old school Ticketmaster. Remember, you line up like the night before with like a tailgate tent or some like, beach chairs or something. That's what people are doing. People are showing up the night before at the DMV and lining up for like 12 hours or more just to get into the DMV just to see Journey. Just to see Journey. Well, not everybody is having such an easy time. Even if you do get an appointment at the DMV and do make it to a customer service person. I use that term loosely at the DMV not everybody in South Florida is having an easy time of it. And it's because of some classic old school Miami problems we sometimes talk on this program. People think of Miami as this sort of like, you know, international metropolitan city. In fact, we were very much a part of the Jim Crow. South Miami beach was a sundown town. We've talked about that on this show many times. Sundown town means that people of color were not permitted on the barrier island of Miami beach after sundown, after dark, unless they went to the police department and actually got their picture taken with a special photo id, had their thumbprint on it. And that was only if they were working at like a nightclub or a restaurant or a hotel that required them to be on Miami beach after hours. But they would most certainly get pulled over for traveling or driving or being on a bus while black in Miami beach after dark. And then they would have to show the police, I've been tagged. I'm allowed to be here. Well, there was a 76 year old retired postal worker who has lived in Miami without incident for 55 years. And she's now having a little problem proving that she was born and that she even exists. Cocaine's a Miami Dade woman says she is stuck in limbo trying to get.
Kaley Cuoco
Her real ID driver's license.
Michael Smith
The reason she cannot prove that she was born in the United States. I said, I'd like to renew my driver's license. Oh, no, we need this and we need that. For what? What reason? I never had it before. Gant Palmer needed her birth certificate or passport to prove her identity. It's part of the new Real ID program that takes effect next month. Gantt Palmer has neither. She says she's been trying to get her birth certificate her whole life. Back in those days, we were born at home. You didn't know about going to no hospital. The lady came to your house to help your mom have the baby. For 42 years she worked at the post office. She also drove school buses with a valid license.
Kaley Cuoco
So what are you gonna do?
Michael Smith
I don't know, but I need my driver's license. I know that that much.
Kaley Cuoco
All right, so here's something interesting. Did you know that sleep actually is really important to recovery? I mean, who knew, right? And everyone needs something different from their bed, which is why sleep number makes these smart beds that let you adjust each side to the firmness you want. Kind of perfect for couples that can't agree on anything. They've even partnered with the NFL since 2018. And 80% of NFL players sleep on a Sleep Number Smart Bed so yeah, there's a reason these things are popular. They've got beds that cool you down up to 15 degrees cooler on either side to help you sleep better, especially if you're someone who wakes up sweating like you just ran wind sprints in your dreams. The bed also responds to your movements and adjusts as you sleep, which is wild. Why choose Sleep Number Smart Bed So you can choose your ideal comfort on either side. And now it's the Sleep Number Everything Smart Bed Sale. Every Smart Bed and base are on sale during our Memorial Day event. Up to 50% off limited time. Exclusively at a Sleep Number store near you. See store or sleepnumber.com for details.
Mike Ryan
Hey everybody, it's Mike Ryan. You know I'm a race fan. You know I travel to races and I had a great experience a couple of weeks ago sitting outside the rv toasting the good times with Miller Lights in hand with some of my best buddies. It was truly a memory that I will remember forever and truly a time that was made better by making making that time a Miller time. Trust me when I say there just isn't a better feeling than hanging out with your boys, clanging those beautiful white cans of Miller Lite and realizing that you don't gotta worry about the taste of your beer. Because the taste of your beer is designed for people who love the taste of beer. A taste that you know you can depend on. A great beer trusted by beer lovers for 50 years. From game night to race night to parties with friends or a special anniversary, celebrating important occasions means more moments with the coolest people in your life. Cheers to 50 years of Miller Lite, the great tasting light beer for people who Love beer since 1975. Miller Lite great taste. 96 calories. Go to millerlight.com dan to find delivery options near you. Or you can pick up some Miller Lite pretty much anywhere they sell beer. It's Miller time. Celebrate responsibly. Miller Brewing Co. Milwaukee, Wisconsin 96 calories and 3.2 carbs per 12 ounces.
Michael Smith
Hey friends, it's Jerbear here and I'm here to tell you all about Boost Mobile, which is now a legit nationwide 5G network. So I must take a break from.
Kaley Cuoco
The jokes here for a second and.
Michael Smith
Put on my serious voice because I would never ever joke about a 5G network that has invested billions building 5G towers across the country. Not even once. Not even if Mr. Boost Mobile himself asked me to. There is nothing funny about it. Boost Mobile is now a legit nationwide 5G network and also provides coverage across 99% of America. Seriously? Visit boostmobile.com or your nearest Boost Mobile store location to learn more. The Boost Mobile Network, together with our roaming partners, covers 99% of the US population. 5G speeds not available in all areas.
Podcast Summary: The Dan Le Batard Show with Stugotz
Episode: #BecauseMiami: A Miami Mafia Update
Release Date: May 16, 2025
In this episode of The Dan Le Batard Show with Stugotz, hosts Dan Le Batard and Stugotz delve deep into the current challenges facing Miami's real estate market, exacerbated by former President Trump's immigration policies. Additionally, they explore allegations of systemic corruption within Miami's political landscape, shedding light on the intricate ties between local officials and illicit activities. The discussion features insights from Michael Smith, a national reporter for Bloomberg News based in Miami.
Impact of Trump's Immigration Policies
The episode begins with Dan Le Batard presenting a concerning headline from Bloomberg News: "Trump's migrant crackdown adds to Miami's real estate woes." Michael Smith elaborates on how Trump's stringent immigration policies have significantly affected Miami, a city heavily reliant on foreign investment and tourism.
Michael Smith [04:00]: "Miami's real estate industry generates almost a quarter of Florida's economic activity. When immigration policies restrict foreign buyers and renters, the ripple effects are profound."
Statistics Highlighting the Decline
Drawing from recent data, Miami's real estate market is experiencing a sharp decline:
Home Sales Drop: In March, home sales in the Miami metro area plummeted by 17.9%, a rate six times higher than the national average.
Roy [08:45]: "Home sales are down 17% in March, marking the second-highest level on record for this month."
Increased Inventory: March saw over 51,000 homes entering the market, up nearly 5% from the previous month, indicating a surplus in inventory.
Sale Failures: Approximately 18% of pending home sales in Miami fell through, signaling a volatile market.
Anecdotal Evidence from Real Estate Agents
Roy shares firsthand accounts from Miami real estate professionals, emphasizing the difficulties foreigners face in buying or renting properties due to heightened scrutiny and documentation requirements.
Roy [05:22]: "Landlords are now demanding proof of citizenship, green cards, or passports, which weren't necessary before. This makes it exceedingly hard for immigrants to rent or buy homes."
Economic Implications Beyond Real Estate
Michael Smith discusses the broader economic impact, noting that Miami's economy is intricately tied to its real estate sector. A downturn here could spell trouble for other industries reliant on real estate, such as hospitality, construction, and local businesses.
Michael Smith [07:30]: "If the real estate market falters, every sector connected to it feels the strain, from restaurants to construction companies."
High Concentration of Real Estate Agents
Miami boasts a remarkably high number of real estate agents—approximately 11,000 in South Florida alone, according to the Bureau of Labor Statistics. This concentration underscores the city's dependence on real estate for economic stability.
Roy [10:28]: "South Florida has about 11,000 real estate agents, roughly double the number in Los Angeles or New York, despite being smaller in size."
Case Against Commissioner Joe Corollo
Transitioning to political issues, the hosts discuss recent developments involving Miami Commissioner Joe Corollo, who has been cleared of several criminal accusations by Broward County's public corruption unit. However, questions remain about the integrity of the investigation.
Michael Smith [21:11]: "Commissioner Joe Corollo has been officially cleared, but the investigation lacked key interviews, making the closure questionable."
Failures of the Broward County State Attorney's Office
Michael Smith criticizes the Broward County State Attorney's office for their handling—or mishandling—of corruption cases, suggesting incompetence or possible collusion.
Michael Smith [22:00]: "Despite substantial evidence, key witnesses like property owners Bill Fuller and Martin Panilla were never interviewed."
Testimonies Ignored in Corruption Investigations
Roy and Michael delve into sworn declarations from Jose Suarez, who detailed coercive and corrupt practices by Corollo, including threats of exposing incriminating information to manipulate city officials.
Michael Smith [28:22]: "Jose Suarez testified that Corollo threatened to reveal damaging information unless his directives were followed, effectively blackmailing city officials."
Systemic Issues and Potential for Wider Impact
The discussion highlights how Miami's issues might be indicative of a larger national trend, especially in regions dependent on tourism and foreign investment. The failure to address corruption effectively could have far-reaching consequences for the city's governance and economic health.
Roy [16:58]: "Miami is a microcosm of potential national issues. If corruption and immigration restrictions continue unchecked, other similar markets could follow suit."
Historical Parallels and Economic Indicators
Drawing parallels to Florida's economy slipping a year before the Great Recession, the hosts express concerns that Miami may again be serving as a bellwether for broader economic trends.
Michael Smith [05:03]: "In 2007, Florida's economy began to slip a year before the Great Recession. Now, with Miami facing similar or worse issues, we could be witnessing the onset of another economic downturn."
Public Sentiment and Future Outlook
The conversation concludes with a somber outlook on Miami's future, emphasizing the uncertainty and potential for continued decline if current trends persist.
Roy [17:15]: "There's a palpable sense of concern about what's next for Miami. Without addressing these fundamental issues, the city's decline seems inevitable."
This episode of The Dan Le Batard Show with Stugotz offers a comprehensive analysis of the intertwined challenges facing Miami's real estate market and political integrity. Through detailed statistics, expert insights, and firsthand accounts, the hosts illuminate the precarious situation that could have significant implications both locally and nationally. As Miami grapples with declining real estate sales and allegations of deep-rooted corruption, the episode serves as a critical examination of the factors threatening one of America's most vibrant cities.
Notable Quotes:
Michael Smith [04:00]: "Miami's real estate industry generates almost a quarter of Florida's economic activity. When immigration policies restrict foreign buyers and renters, the ripple effects are profound."
Roy [05:22]: "Landlords are now demanding proof of citizenship, green cards, or passports, which weren't necessary before. This makes it exceedingly hard for immigrants to rent or buy homes."
Michael Smith [28:22]: "Jose Suarez testified that Corollo threatened to reveal damaging information unless his directives were followed, effectively blackmailing city officials."
Roy [10:28]: "South Florida has about 11,000 real estate agents, roughly double the number in Los Angeles or New York, despite being smaller in size."
This summary provides an in-depth overview of the episode's key discussions and insights, offering valuable context for listeners unfamiliar with the original content.