Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for its surfing and sunsets, which has become popular among wealthy investors seeking tax benefits. Despite his one-story home near the beach not being for sale, he has received unsolicited offers from interested buyers who simply hand him a check and ask him to fill in the amount. This is a prosperous period for investors investing in picturesque Puerto Rican towns, with some drawn by tax incentives aimed at bringing new residents and capital to the financially struggling island as it emerges from bankruptcy. The appeal of tax breaks has increased due to the coronavirus pandemic, leading to many companies transitioning to remote work and prompting Americans on the mainland to move to warmer locations. However, the arrival of wealthy new residents who need to establish residency and purchase property in Puerto Rico within two years to maintain the tax breaks has resulted in higher home prices and the displacement of long-time residents. Hurricane Maria in 2017 had already caused many residents to leave the island, and now a real estate boom, starting in San Juan, has spread across the island with investors moving into smaller towns like Rincón. There are newcomers beyond those interested in tax breaks who are also buying up properties and causing rent and home prices to rise. However, it is the finance and technology investors who have officially applied for tax-break status that are attracting the most attention. Many of these investors are cryptocurrency traders, who now gather for weekly happy hours at a seaside bar in Rincón. A newly opened barbecue food truck in August is now accepting Bitcoin, Ethereum, Cardano, Shiba Inu, Solana, and Litecoin for its mainland-style chicken. The gradual gentrification is causing concern among many Puerto Ricans, who are becoming more vocal in questioning how an economy that relies on tax breaks for the wealthy can benefit local residents who are struggling to afford property. Gloria Cuevas Viera, a resident of Rincón, expressed her concerns by stating, "It feels like Hurricane Maria put a 'For Sale' sign on the island." Many investors purchase residential properties and later sell them at increased prices or convert them into short-term vacation rentals, transforming entire neighborhoods into Airbnb hubs and causing a lack of available housing for local residents. Forty-three percent of Puerto Ricans live below the federal poverty line. Israel Matos, aged 45, is being forced to relocate from his home in Rincón by March as the owner sold the property last year. Matos had the opportunity to purchase the house, but the option has now expired. The owner, who hails from Hermosa Beach, California, chose to sell to another buyer. Matos, a sound engineer for a television station, has been living in his home with his wife and two daughters for two years. He mentioned that he is unable to find any listings in Rincón that fit his budget, as outside investors are purchasing properties and increasing prices, making it unaffordable for many Puerto Ricans to stay in their homes. Matos expressed the challenges he faces as a father in finding a suitable place to live with his daughters. Many Puerto Ricans are unable to afford to stay in their homes due to outside investors purchasing properties and raising prices, as seen in Rincón, Puerto Rico on Jan. 12, 2022. Demonstrators recently gathered in Old San Juan to protest tax breaks, particularly in front of a former children's museum now owned by Bitcoin billionaire Brock Pierce. The tax breaks are part of Act 60, originally enacted in 2012 to help the island recover from economic struggles exacerbated by Hurricane Maria in 2017. In 2019, the tax incentives were restructured in order to attract investors from the finance and technology industries, as well as other sectors. Those who relocate to Puerto Rico can enjoy reduced income taxes on various types of earnings. A billboard in Silicon Valley promotes Puerto Rico as a technology center that aligns with their goals. By October 2021, Puerto Rico had received a record-breaking 1,349 applications from individuals seeking to become resident investors, with 982 of them already approved. Since 2012, over 4,286 applications have been approved, with more than a third of them being approved in the last three years. According to the law, an individual can be eligible for tax breaks if they have not resided in Puerto Rico for a minimum of 10 years. In order to benefit from a 4% corporate tax rate and zero capital gains tax, the investor must also purchase a home. Unfortunately, the over 3 million current residents of Puerto Rico are not eligible for these tax breaks, leading to concerns about inequality in terms of tax responsibilities. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, expressed these concerns. He noted that renters who are being priced out of coastal areas may have to relocate to more affordable neighboring towns, but could end up spending more on transportation costs. Additionally, Martínez Otero, who also teaches economics at the University of Puerto Rico, highlighted the challenges faced by individuals in this situation. Owners who have sold their homes have profited from the increase in property prices, and Governor Pedro R. Pierluisi has expressed support for the trend of investors purchasing luxury homes. He stated that the tax law was passed with the goal of attracting more people with capital to stimulate the real estate market. Policymakers were also worried about the significant population decline on the island, which was caused by the economic crisis and Hurricane Maria. According to the census, the island's population decreased by 11.8% from 2010 to 2020. Martínez Otero stated that the issue of people purchasing residential properties that do not align with consumption patterns in Puerto Rico is contributing to the lack of affordable housing on the island. This problem adds to other challenges faced by residents, such as rising property prices due to outside investors. In Rincón, Puerto Rico, many locals are struggling to afford their homes as a result of this trend. Sánchez, a homeowner in Rincón who also works as a landscaper, is involved in the town's federal Section 8 program, which aims to provide affordable housing for low-income families. However, he is finding it difficult to locate homes that fit within the program's budget of $450 per month. An oceanside meeting place in Rincón, Puerto Rico, on January 13, 2022. Many residents of Puerto Rico are expressing concern about being priced out of their homes due to outside investors purchasing properties and increasing prices. "I'm afraid that the local Puerto Ricans won't be able to afford to live or invest here and will be forced out," he stated. "I initially thought that only the prices in the city center were rising, but even properties in rural mountain areas are becoming expensive." In Rincón, real estate broker Ingrid Badillo Carrero noted a significant increase in home prices over the past four years. In 2017, a two-bedroom condo would typically be listed at $290,000. Currently, the unit could be priced at around $420,000, while the average annual income in Rincón is about $19,900. Badillo, who often works with investor clients looking for tax breaks, has been told by locals that he is selling their country. Many investors can pay in cash, making them more appealing to sellers than Puerto Ricans who may only be able to pay through a mortgage. In May, Elizabeth Stevenson and her husband, Tyler McNatt, relocated to Puerto Rico from Austin, Texas. They wanted to find a way to avoid going to the office every day, so they started exploring cryptocurrency investments as a means of generating income. Stevenson, who is benefiting from Act 60, is currently working as a consultant for a California movie producer who has relocated to Puerto Rico, in addition to trading cryptocurrency. Stevenson, who signed a one-year lease for an apartment near the beach, finds it thrilling to learn more about cryptocurrency and the potential for making money. She is involved in various crypto groups for former mainlanders that regularly hold events in Rincón. Daniel Torgerson, a crypto investor who moved 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 being serenaded by the nocturnal coquí frogs. Torgerson inquired about everyone's market outlook for the week and if there were any exciting new projects. A person mentioned "Solar bitcoin mining!" as a response. The newcomers are also bringing their children along, leading to the Manuel González Melo K-8 School in Rincón having to incorporate additional coursework for students who are learning Spanish as a second language, according to principal Myriam Pérez Cruz. In the 2016-17 school year, a student survey found three native English speakers who required help with the Spanish language, according to Pérez. By the 2021-22 school year, that figure had increased to 17 students. Matos, a resident of Rincón who must vacate his home by March, drove around searching for potential rental signs. Later, 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 uneasy. Matos mentioned that there were around 50 individuals on the beach, but he only noticed approximately five Puerto Ricans among them. He stated that Rincón has undergone significant changes.