Latinx Files: Will Puerto Rico stop being for Puerto Ricans soon?

[BeckyDem]

By Fidel Martinez
Jan. 13, 2022 8 AM PT

Brenda Velázquez hoped to spend the rest of her days living in her two-bedroom apartment in Quebradillas, Puerto Rico, a quiet town roughly 65 miles west of San Juan that overlooks the Atlantic Ocean. On days when the power would go out, a frequent occurrence on the island, she’d sit on her bedroom balcony and pass the time.

But those plans were dashed in November when she found out her building, the San José Hills Apartments, had been bought by another tenant, Giovanni Feroce, who wanted to kick everyone out by the end of the year. His plan was to convert the structure into a hotel or into Airbnb rentals.

A former Rhode Island resident and failed gubernatorial candidate, Feroce moved to Puerto Rico in 2019 to take advantage of Act 60, tax breaks implemented by the local government that incentivize foreigners to move to the island by offering zero taxes on passive income and capital gains.

These incentives are not available to Puerto Rican residents, and it’s resulting in the likes of Logan Paul, crypto bros and tax dodgers like Feroce (he owes more than $1 million in back taxes to Rhode Island) moving there.

https://www.latimes.com/world-nation/newsletter/2022-01-13/latinx-files-puerto-rico-gentrification-latinx-files

[MineralMan]

1. That's always a risk when you rent the place you live.

It's not yours.

[BeckyDem]

2. Yes and for some ownership is impossible.

[MineralMan]

3. Yes, that is also true.

However, people should never assume that a place that is rented belongs to them. One can always be evicted from such a place.

Not everyone wishes to own property. Not every one can own property. If you rent, you can move, but if you rent, you can also be put out of the place you live. If you own, you can still be put out of your place in many ways, but you are somewhat more secure in it.

[Demovictory9]

4. his plan to "Fix" RI was elimination of most taxes.

http://rirepublicans.us/giovanni-feroce/

[BeckyDem]

5. Thank you for adding that.

They will suck the life out of the world if allowed to.