Part 8/10:
A New Colonialism: The Arrival of the Wealthy
Recently, Puerto Rico has become a haven for wealthy Americans seeking tax exemptions on capital gains and other income. While intended to stimulate economic activity, this influx of affluent residents has drastically affected property prices and rental costs, displacing local residents in their own communities.
The dichotomy between the ultra-rich and the struggling Puerto Rican populace raises concerns about the erasure of local culture and identity. Public spaces, once cherished by the people, are increasingly being privatized, forcing residents to grapple with the loss of community and heritage.