Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for surfing and sunsets. The town has become popular among wealthy investors seeking tax breaks, many of whom have shown interest in purchasing his home near the beach. Despite his home not being for sale, Sánchez has received unsolicited offers from investors who simply hand him a check and ask him to name his price. This trend reflects a larger pattern of investors flocking to picturesque towns in Puerto Rico to take advantage of tax incentives aimed at attracting new residents and investment to the financially struggling island as it emerges from bankruptcy. The popularity of tax breaks has increased following the coronavirus pandemic, leading to a rise in Americans moving to warmer climates. However, the influx of wealthy newcomers to Puerto Rico, who must establish residency and purchase property within two years to maintain the tax breaks, has caused a surge in home prices and forced out residents who can no longer afford to live there. Hurricane Maria in 2017 had already caused many residents to leave the island, and now the real estate boom, initially centered in San Juan, has spread to other areas like Rincón as investors look beyond the metropolitan area. In addition to those seeking tax benefits, other newcomers are also buying properties and driving up rental costs and home prices. However, the finance and tech investors who have officially applied for tax-break status are the ones attracting the most attention. Among them are cryptocurrency traders, who now gather for weekly happy hours at a seaside bar in Rincón. A new barbecue food truck that started operating in August is now accepting Bitcoin, Ethereum, Cardano, Shiba Inu, Solana, and Litecoin as payment for its mainland-style chicken. The gradual gentrification of the area is causing concern among many Puerto Ricans, who are increasingly questioning how an economy that relies on tax breaks for the wealthy can benefit local residents struggling to afford property. "It feels like Hurricane Maria put a 'For Sale' sign on the island," said Gloria Cuevas Viera, a Rincón resident who is actively fighting against gentrification. A large number of investors purchase residential properties, selling them at higher prices or converting them into short-term vacation rentals, ultimately transforming entire neighborhoods into Airbnb hubs and causing a scarcity of housing for local residents. Forty-three percent of Puerto Ricans live below the federal poverty line. Israel Matos, aged 45, is being forced to move out of his Rincón home by March as the property owner sold it last year. Matos had the opportunity to purchase the house, but his option expired. The owner, who is from Hermosa Beach, California, opted to sell to another buyer. Matos has been residing in his current home with his wife and two daughters for the past two years. He mentioned that he is unable to find any suitable housing options within his budget in Rincón. Many residents of Puerto Rico are facing challenges in remaining in their homes due to rising property prices caused by outside investors. Matos, who works as a sound engineer for a television station, expressed the difficulties he faces as a father in finding affordable housing for his family. Many Puerto Ricans are finding it increasingly difficult to afford to stay in their homes due to outside investors buying up properties and raising prices. Demonstrators recently gathered in Old San Juan to protest tax breaks, particularly targeting Bitcoin billionaire Brock Pierce, who converted a former children's museum into a "crypto clubhouse." The tax breaks are part of Act 60, a law introduced by the Puerto Rico government in 2012 amid economic struggles, but gained more attention after Hurricane Maria in 2017. In 2019, tax incentives were redesigned to appeal to finance, tech, and other investors. Those who relocate to the island can enjoy reduced income taxes on various financial gains and services. A billboard in Silicon Valley promotes Puerto Rico as a tech center aligned with their goals. By October 2021, the island had received a record 1,349 applications from potential resident investors, with 982 approvals. Since 2012, over 4,286 applications have been approved, with over 35% in the last three years. According to the law, an individual can be eligible for tax benefits if they have not lived in Puerto Rico for at least 10 years. To qualify for a 4% corporate tax rate and no capital gains tax, the investor must also purchase a home. The over 3 million current residents of Puerto Rico are not eligible for these tax breaks, leading to unequal taxpayer responsibility. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, voiced concerns about this inequality. He also mentioned that renters who are priced out of coastal areas may have to move to cheaper neighboring towns, but will likely have to spend more on commuting expenses. Homeowners who have sold their properties have seen a positive impact from the increase in property prices. Governor Pedro R. Pierluisi has expressed support for the rising number of investors purchasing luxury homes, citing the previous downturn in the luxury real estate market as a driving force behind the tax law. The goal was to attract individuals with capital to stimulate the real estate market. Policymakers were also worried about the significant number of people leaving the island, as the population of Puerto Rico declined by 11.8% from 2010 to 2020 due to the economic crisis and Hurricane Maria. Martínez Otero expressed concern over the issue of people purchasing residential properties in Puerto Rico that do not align with local consumption patterns, adding to the island's affordable housing challenges. Many Puerto Ricans are finding it increasingly difficult to afford to stay in their homes due to outside investors buying properties and inflating prices. Sánchez, a homeowner in Rincón who also works as a landscaper, is involved in coordinating the town's federal Section 8 program, which offers affordable housing assistance to low-income families. Despite the program providing $450 monthly vouchers for housing, Sánchez is struggling to find homes within that price range. A gathering spot by the ocean in Rincón, Puerto Rico on January 13, 2022, has become a concern for many Puerto Ricans who feel they can no longer afford to live in their homes due to outside investors purchasing properties and increasing prices. The rising prices are not only affecting downtown areas but also rural sectors in the mountains, causing fears of displacement among native Puerto Ricans. In Rincón, real estate broker Ingrid Badillo Carrero noted a significant increase in home prices over the past four years, with the average listing price for a two-bedroom condo rising from $290,000 in 2017. Currently, the unit could be priced at approximately $420,000, with the average annual income in Rincón being around $19,900. Badillo, who often works with investor clients looking for tax breaks, has been told by locals that she is selling out their country. Many investors can pay in cash, which is more appealing to sellers compared to Puerto Ricans who may only be able to afford a mortgage. In May, Elizabeth Stevenson and her husband, Tyler McNatt, relocated to Puerto Rico from Austin, Texas. They were searching for an alternative to the daily office grind and turned to cryptocurrency investments to generate income. Stevenson, a beneficiary of Act 60, is working as a consultant for a California movie producer now located in Puerto Rico, in addition to buying and selling cryptocurrency. Stevenson expressed excitement about the opportunities to learn and earn money in the cryptocurrency world. She has leased an apartment near the beach and is actively involved in several crypto groups for former mainlanders that organize events in Rincón. Daniel Torgerson, a crypto investor who relocated to Puerto Rico in June, organizes a weekly happy hour at the Aqua Marina Beach Club in Rincón. In early January, approximately 20 individuals gathered near the bar and pool, conversing under string lights while competing with the sounds of nocturnal coquí frogs. Torgerson inquired about everyone's feelings in the market that week and asked if there were any new projects they were enthusiastic about. One person mentioned "Solar bitcoin mining." The new residents are accompanied by their children. Myriam Pérez Cruz, the principal of Manuel González Melo K-8 School in Rincón, mentioned that the school has had to incorporate additional coursework for students who are learning Spanish as their second language. In the school year 2016-17, a student survey found three native English speakers who required help with Spanish, according to Pérez. By the school year 2021-22, that number had increased to 17 students. Matos, a resident of Rincón who needs to vacate his home by March, recently searched for potential rental properties by driving around. Following this, he visited the beach, sat on the sand with his legs crossed, and attempted to unwind. However, shortly after parking his car, he began to feel anxious. Matos observed that among the approximately 50 people on the beach, he only spotted about five Puerto Ricans. He remarked that there have been significant changes in Rincón.