A famous surf town in western Puerto Rico seriously battered by Hurricane Maria in 2017 has become a hot spot for crypto traders. Along the coast, Puerto Ricans who have lived their entire lives in tight-knit communities near the beach or with breathtaking mountain views allege they are being priced out of their neighborhoods because wealthy developers are buying up nearby residential properties.
What’s driving the change are tax breaks that incentivize thousands of investors, traders and other kinds of wealthy people to partially relocate to Puerto Rico. The benefits have become a source of heated debate and controversy on the island.
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