Florida took two direct hits from major hurricanes in less than two weeks.
The state is starting to pick up the pieces from the storms.
And Kevin O’Leary gave one message to Ron DeSantis about hurricanes that Democrats will hate.
Hurricanes raise questions about Florida’s future
Florida has been one of the hottest states in the country for Americans to relocate to in recent years.
It was the fastest-growing state in the country in 2022 for the first time since 1957.
Hurricane Helene slammed into Florida’s Big Bend region on the Gulf Coast as a Category 4 storm.
It was followed up by Hurricane Milton which made landfall in Siesta Key, Florida.
The two hurricanes killed nearly 50 people in the state and did billions of dollars worth of damage.
Florida is dealing with rising homeowners insurance rates that some think could derail growth in the state.
O’Leary Ventures chairman Kevin O’Leary, one of the stars of ABC’s Shark Tank, predicted that hurricanes would not slow Florida’s torrid pace of growth during an appearance on the Fox Business show Varney & Co.
“I live in Florida. Listen, we have lived with bad weather forever,” O’Leary explained. “This is hurricane season. This is a particularly bad hurricane season. But what drives Florida is great policy on tax, great business regulatory environments.”
Florida has a business climate that is hotter than the weather
The Sunshine State has no state income tax and takes a light touch when it comes to business regulation.
O’Leary said that would be a draw to businesses looking to escape blue states.
“You’ve got lots of jobs there,” O’Leary stated. “You’ve got all these guys from New York and New Jersey and Massachusetts moving there, moving their financial services companies because of the punitive tax regimes of those states.”
Homeowners insurance has increased by 20% from 2021 to 2023 with another increase on the way this year.
Florida real estate broker Ryan Serhant warned that homeowners in the Sunshine State would face rising costs.
“It’s one of the greatest insurance crises that we’ll see, I think, in a very, very long time,” Serhant said. “What’s more frightening to me is that only 2 to 4% of homeowners actually have flood insurance. If you get it through the National Flood Insurance Program, it’s $1,000 a year on top of all of your other costs. So it’s a travesty.”
O’Leary said that warm weather year-round and sunshine are what matters most.
“There comes a point in your life when you’re just too old to be cold, and you want to be warm,” O’Leary said. “I like to wear flip-flops. I walk on the beach every day. I ride my bike 12 miles. Listen, I can’t get that anywhere else. I’m a Miami dude.”
Hurricanes are a fact of life in Florida.
The state offers a tropical climate, low taxes, and a good business environment that is hard to beat.
For Kevin O’Leary and others, those positives outweigh the hassles of having to deal with hurricanes.
DeSantis Daily will keep you up-to-date on any new developments in this story.
