The real estate boom, which began in San Juan, the capital, has extended across the island, as investors have started to move away from the metropolitan area and into smaller towns like Rincón. Hurricane Maria, which heavily damaged thousands of homes in 2017, had already prompted many residents to leave the island. The tax breaks’ appeal accelerated after the coronavirus pandemic prompted many companies to shift to remote work, inspiring Americans who live on the mainland to move to more temperate climes.īut the influx of the affluent new settlers, who must acquire residency and buy property in Puerto Rico within two years of moving in order to keep the tax breaks, has pushed up home prices and displaced residents who can no longer afford to live in their hometowns. These are boom times for investors flocking to idyllic towns all over Puerto Rico, some of them seeking to take advantage of tax incentives intended to attract new people and outside money to the cash-strapped island, which is working its way out of bankruptcy. “They just hand you a check and tell you to fill it out with whatever you think the house is worth.” “They don’t ask you for a price,” he said. It is not for sale, but that has not stopped the unsolicited offers from coming. The visitors, like so many before them, were interested in buying his one-story home, which is a two-minute walk from the beach. Sánchez lives in Rincón, a seaside town in northwestern Puerto Rico famous for surfing and sunsets that has become a hot spot for wealthy investors looking for tax breaks. He knew what the uninvited visitors wanted, and he was tired of having the same conversation over and over again. The last time strangers approached Samuel Sánchez Tirado while he was trimming his front lawn, he pretended to be the landscaper so that they would leave him alone. Many Puerto Ricans say they can no longer afford to remain in their homes with outside investors buying up properties and driving up prices.īy Coral Murphy Marcos and Patricia Mazzei
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