Miami’s Gold Rush: Finance Firms and Crypto Move In, Bringing Strains

From his new office in Miami Beach, real-estate investor Barry Sternlicht is only steps from the ocean. His waterfront mansion is just a short drive away. Cold winters and state income taxes are a thing of the past now that he has relocated here from Connecticut.

Mr. Sternlicht, known for launching the trendsetting W Hotel brand, moved his Starwood Capital Group to the city in 2018. He’s part of a booming migration of financial firms, technology companies and venture capitalists that has gained momentum in the years since then, as more firms abandon the Northeast, Midwest and West Coast for the daily pleasures of South Florida life and its friendlier business climate.