Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for surfing and beautiful sunsets. The town has become popular among wealthy investors seeking tax breaks. Despite his one-story home being only a short walk from the beach, Sánchez has received unsolicited offers from interested buyers. These investors are taking advantage of tax incentives aimed at bringing new residents and outside funds to Puerto Rico as the island works to recover from bankruptcy. The appeal of tax breaks has increased due to the coronavirus pandemic causing many companies to transition to remote work, prompting Americans living on the mainland to move to warmer areas. However, the arrival of wealthy new residents who must establish residency and purchase property in Puerto Rico within two years to maintain the tax breaks has led to higher home prices and the displacement of long-time residents who can no longer afford to stay. Hurricane Maria, which devastated thousands of homes in 2017, had already caused many residents to leave the island. The real estate boom, initially in San Juan, has now spread throughout the island with investors moving from the metropolitan area to smaller towns like Rincón. Apart from those seeking tax breaks, there are also new residents purchasing properties and driving up rents and home prices. However, it is the finance and tech investors seeking tax-break status that have garnered the most attention. Among them are cryptocurrency traders, who now frequent a seaside bar in Rincón for weekly happy hours. A new barbecue food truck that started operating in August accepts various cryptocurrencies as payment for its mainland-style chicken. The growing gentrification concerns many Puerto Ricans, leading them to question how an economy dependent on tax breaks for the wealthy can benefit local residents struggling to afford property. Gloria Cuevas Viera, a Rincón resident, expressed her sentiment by likening the impact of Hurricane Maria to putting a 'For Sale' sign on the island. A large number of investors purchase residential properties and later sell them at increased prices or convert them into short-term vacation rentals, transforming whole neighborhoods into Airbnb hubs and causing a lack of available housing for local residents. Forty-three percent of Puerto Ricans reside below the federal poverty line. Israel Matos, aged 45, must vacate his home in Rincón by March as the property was sold by the owner last year. Matos had the opportunity to purchase the house, but the option expired. The owner, hailing 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 expressed frustration at being unable to find a suitable housing option in Rincón that fits his budget. Many Puerto Ricans are facing similar challenges due to rising property prices driven by outside investors. Matos described the situation as a father as incredibly difficult and unexpected. Many Puerto Ricans are unable to afford to stay in their homes due to outside investors purchasing properties and increasing prices. 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 fall under Act 60, which was initially enacted by the Puerto Rico government in 2012 as the island faced economic challenges, with increased interest following Hurricane Maria in 2017. In 2019, changes were made to the tax breaks in order to attract investors in finance, technology, and other industries. Moving to Puerto Rico can result in a reduction of income taxes on various sources of income for individuals. A billboard in Silicon Valley promotes Puerto Rico as a technology hub that aligns with the vision of potential investors. By October 2021, Puerto Rico had received a record-breaking 1,349 applications from individuals seeking to become resident investors, with 982 of them approved. Since 2012, over 4,286 applications have been approved, with more than 35% of them 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 at least 10 years. 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 Puerto Ricans already living on the island do not qualify for these tax breaks, leading to inequality in taxpayer responsibility. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, expressed concern over this issue. He mentioned that renters who are forced to leave due to high housing prices may move to more affordable neighboring towns but may end up spending more on gas and tolls for commuting. Homeowners who have sold their properties have profited from the increase in property values, which Gov. Pedro R. Pierluisi has praised. He mentioned that the passing of the tax law was motivated by a decline in the luxury real estate market, with the intention of attracting investors with capital to stimulate the real estate market. Policymakers were also worried about the significant decrease in the island's population due to economic challenges and natural disasters like Hurricane Maria. According to the census, the population of the island decreased by 11.8% from 2010 to 2020. Martínez Otero expressed concern that the purchase of residential properties by individuals who are not familiar with the consumption patterns in Puerto Rico is exacerbating the affordable housing crisis on the island. The increasing presence of outside investors buying properties is making it difficult for many Puerto Ricans to afford to remain in their homes. 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 to low-income families through monthly $450 vouchers. However, he is facing challenges in finding homes at that price point. An oceanside meeting place in Rincón, Puerto Rico on January 13, 2022. Many residents of Puerto Rico are expressing concerns about being priced out of their homes due to outside investors purchasing properties and increasing costs. "I am concerned that local Puerto Ricans will not be able to afford to live or invest here and will be forced out," he explained. "I initially thought that property prices were only rising in the downtown area, but now even properties in the more remote mountain regions 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 now be priced at around $420,000, while the average annual income in Rincón is approximately $19,900. Badillo, who often works with investor clients looking for tax breaks, has been told by locals that he is selling out their country. Many investors are able to pay in cash, which is more appealing to sellers compared to selling to 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 were seeking a way to avoid going to the office every day and began exploring investments in cryptocurrency as a means of generating income. Stevenson, who is a beneficiary of 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 expressed excitement about the opportunity to learn and earn money in the cryptocurrency market. She recently signed a one-year lease for an apartment located a short walk from the beach. She is a member of multiple cryptocurrency groups for former mainland residents that frequently organize 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 and amidst the sounds of nocturnal coquí frogs. Torgerson inquired about everyone's feelings regarding the market that week and asked if there were any new projects they were enthusiastic about. One person mentioned solar bitcoin mining. Additionally, new residents have brought their children with them. Myriam Pérez Cruz, the principal at 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 a second language. In the 2016-17 academic 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, this number had increased to 17 students. Matos, a resident of Rincón who needs to relocate by March, drove around searching for suitable rental signs. Following this, he visited the beach, sat on the sand, and attempted to unwind. However, shortly after parking his car, he began to feel uneasy. Matos mentioned that there were around 50 individuals at the beach, but he only noticed approximately five Puerto Ricans. He also remarked that Rincón has undergone significant changes.