Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for its surfing and sunsets, and has become a popular destination for wealthy investors seeking tax benefits. Despite his one-story home not being for sale, numerous offers have been made by visitors interested in purchasing it, with some even handing him a blank check to fill in the amount he thinks the house is worth. This surge in investors is occurring in various picturesque towns across Puerto Rico, with some taking advantage of tax incentives aimed at attracting new residents and investments to the financially struggling island as it emerges from bankruptcy. The popularity of tax breaks increased due to the coronavirus pandemic causing many companies to transition to remote work, prompting mainland Americans to move to warmer climates. 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. Hurricane Maria, which devastated thousands of homes in 2017, had already driven many people away from the island. The real estate boom, starting in San Juan, has spread throughout Puerto Rico, with investors moving from the city to smaller towns like Rincón. In addition to those seeking tax breaks, there are also other newcomers purchasing properties and driving up rental prices and home values. However, the finance and tech investors who have officially applied for tax-break status are the ones garnering 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 accepts various cryptocurrencies for its mainland-style chicken. The slow spread of gentrification is causing concern among many Puerto Ricans, who are increasingly vocal about how an economy reliant on tax breaks for the wealthy can benefit local residents struggling to afford property. Gloria Cuevas Viera, a Rincón resident fighting against gentrification, likened the situation to Hurricane Maria 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 hotspots 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 property was sold by the owner last year. Matos had the opportunity to purchase the house, but the option expired. The owner, who hails from Hermosa Beach, California, opted 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, but he is struggling to find a suitable listing in Rincón within his budget. Many Puerto Ricans are facing the same challenge as outside investors purchase properties and raise prices, making it difficult for them to afford staying in their homes. Matos expressed the pressure and difficulty of being a father in this situation, never imagining he would struggle to find a place to live with his daughters. Many Puerto Ricans are being forced out of their homes due to rising property prices caused by outside investors. Demonstrators in Old San Juan recently protested tax breaks given to wealthy individuals like Bitcoin billionaire Brock Pierce, who has converted a children's museum into a "crypto clubhouse." The tax breaks, known as Act 60, were initially enacted in 2012 as the island faced economic collapse and gained more attention after Hurricane Maria hit in 2017. In 2019, the tax incentives were revamped in order to attract investors in finance, technology, and other industries. Those who relocate to Puerto Rico can take advantage of reduced income taxes on various financial gains and services. A billboard in Silicon Valley promotes Puerto Rico as a tech center aligned with investors' goals. By October 2021, the island had received a record 1,349 applications from individuals seeking residency through investment, with 982 approvals. Since 2012, over 4,286 applications have been approved, with over 35% approved in the last three years. According to the law, an individual can be eligible for tax breaks if they have not been a resident of Puerto Rico for at least 10 years prior. In order to benefit from a 4% corporate tax rate and zero capital gains tax, the investor must also purchase a home. However, the more than 3 million current residents of Puerto Rico are not eligible for these tax breaks, leading to concerns about inequality in 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 also noted that renters who are being priced out of coastal areas may move to cheaper neighboring towns, but will likely spend more on commuting expenses such as gas and tolls. Martínez Otero, who is also an economics professor at the University of Puerto Rico, highlighted these issues. Homeowners who sell their properties are benefiting from the increase in property prices, according to Gov. Pedro R. Pierluisi, who expressed support for investors purchasing luxury homes. The passing of a tax law was partly motivated by the collapse of the luxury real estate market, with the intention of attracting individuals with capital to boost the real estate sector. Policymakers were also concerned about the significant number of people leaving the island due to the economic crisis and Hurricane Maria, leading to an 11.8% decline in Puerto Rico's population from 2010 to 2020, as reported by the census. Martínez Otero mentioned that the issue of people purchasing residential properties that do not align with consumption patterns in Puerto Rico is adding to the island's affordable housing problems. Many Puerto Ricans are finding it increasingly difficult to afford to stay in their homes due to outside investors purchasing properties and driving up prices. Sánchez, a homeowner in Rincón, who posed as a landscaper, is involved in coordinating the town's federal Section 8 program, which aims to provide affordable housing to low-income families. The program offers families $450 monthly vouchers for housing, but he is struggling to find homes at that price. An oceanside gathering spot in Rincón, Puerto Rico on January 13, 2022, has become unaffordable for many Puerto Ricans due to outside investors purchasing properties and increasing prices. In rural areas like the mountains, property prices are also rising, causing concern among locals about being displaced. Real estate broker Ingrid Badillo Carrero noted that home prices in Rincón have significantly increased over the past four years, with a two-bedroom condo that would have been listed at an average of $290,000 in 2017. Currently, the unit could now be priced around $420,000, with the average annual income in Rincón being about $19,900. Badillo, who often works with investor clients looking for tax breaks, has had locals accuse him of 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 pay through a mortgage. In May, Elizabeth Stevenson relocated to Puerto Rico with her husband, Tyler McNatt, 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 source of income. Stevenson, a beneficiary of Act 60, is working as a consultant for a California movie producer now living in Puerto Rico, in addition to trading cryptocurrency. Stevenson mentioned that there is a lot to learn and a lot of money to be made in the cryptocurrency market. She recently signed a one-year lease for an apartment near the beach and is involved in various cryptocurrency groups for former mainlanders that regularly hold 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, chatting under string lights and trying to be heard over the nocturnal coquí frogs. Torgerson inquired about everyone's feelings about the market that week and if anyone had any new projects they were enthusiastic about. Someone mentioned solar bitcoin mining. The newcomers are also bringing 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 include additional coursework for students who are learning Spanish as a second language. In the school year 2016-17, a student survey found three native English speakers who required help with Spanish, Pérez mentioned. By the school year 2021-22, this number had increased to 17 students. Matos, a resident of Rincón who needs to vacate his home by March, drove around searching for potential rental signs. Later, he went to 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 observed that out of approximately 50 people on the beach, he only saw around five Puerto Ricans, indicating a significant change in Rincón.