1920s Florida Land Speculation
About 1920s Florida Land Speculation
The Florida land boom of the 1920s was one of the first modern real estate bubbles. Promoters sold underwater lots and nonexistent cities. The boom was fueled by automobile ownership, improved roads, and easy credit. Miami population grew from 30,000 to 200,000. The bubble burst when a major hurricane struck Miami in September 1926, killing 400 and destroying buildings. The Florida East Coast Railway went into receivership. The Florida land bust foreshadowed the 1929 stock market crash. Many who lost money in Florida later lost more in stocks. The parallel to the 2008 housing crisis, particularly the Florida concentration, is striking.
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