"Summary of High Technology Developments Affecting Real Estate Financing" is a American Lawyer Media form. This form is a summary booklet of High Technology affecting real estate financing.
Puerto Rico Summary of High Technology Developments Affecting Real Estate Financing
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US-HT897
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The following pages detail the main causes of the island's financial troubles, focusing on labor force decline, the health care crisis, and debt and debt service costs.
As the oceans and atmosphere continue to warm, sea level around Puerto Rico is likely to rise one to three feet in the next century. Rising sea level submerges marshes, mangroves, and dry land; erodes beaches; and exacerbates coastal flooding.
Rapid urbanization that occurred during past decades has drastically covered Puerto Rico's watersheds with impervious surfaces. As a result, there are thousands of people living in flood-prone areas. Landslide hazards are also a growing concern in Puerto Rico.
The reasons behind the island's current economic woes are complex, with plenty of blame to go around: federal funding shortfalls and tax policies that hamper economic growth, poor budget practices by the island, predatory lending by hedge funds, and the complicated and oft unjust relationship between the U.S. and ...
The economy of Puerto Rico is mainly driven by manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, primarily finance, insurance, real estate, and tourism.
Act 60 was intended to boost the Puerto Rican economy by encouraging mainland U.S. citizens to do business and live in Puerto Rico, and as is the case with many incentive programs, the opportunity and temptation to abuse these programs has led some to do just that.
For more than 4 centuries the Puerto Rican economy depended almost entirely on agriculture, but sociopolitical changes early in the 20th century resulted in a shift to industry. This shift in the economy, and an increase in population, has resulted in an increase in urban areas.
But 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.