Sánchez resides in Rincón, a coastal town in northwestern Puerto Rico known for surfing and sunsets. The area has become popular among wealthy investors seeking tax advantages. Despite his one-story home not being for sale, numerous offers have been made without asking for a price. Investors are drawn to picturesque towns in Puerto Rico due to tax incentives aimed at bringing new residents and outside capital to the financially struggling island as it emerges from bankruptcy. The popularity of tax breaks increased following the coronavirus pandemic, as many companies transitioned to remote work and Americans on the mainland moved to warmer locations. 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 rising home prices and the displacement of longtime residents. Hurricane Maria in 2017 had already caused many people to leave the island. The real estate boom, which started in San Juan and spread to smaller towns like Rincón, has attracted investors and new residents beyond those interested in tax incentives, resulting in increased rents and home prices. However, the finance and tech investors who have submitted formal applications for tax-break status have garnered the most attention. A significant number of these investors are cryptocurrency traders, who now gather for weekly happy hours at a bar in Rincón. A newly opened barbecue food truck, which started operating in August, accepts various cryptocurrencies for its mainland-style chicken. The growing gentrification concerns many Puerto Ricans, who are increasingly questioning how an economy that heavily relies on tax breaks for the wealthy can benefit local residents struggling to afford property. Gloria Cuevas Viera, a Rincón resident, expressed her concerns by stating, "It feels like Hurricane Maria put a 'For Sale' sign on the island." She is actively involved in fighting against gentrification. A lot 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 properties for local residents. Forty-three percent of Puerto Ricans live below the federal poverty threshold. Israel Matos, aged 45, is being forced to relocate from his Rincón residence by March as the owner of the property sold it in the previous year. Matos had the opportunity to buy 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 is unable to find affordable housing listings in Rincón, Puerto Rico, where they currently reside. Many Puerto Ricans are grappling with the rising cost of living as outside investors purchase properties and drive up prices. Matos expressed his frustration, stating that as a father, it is incredibly challenging to find suitable housing for his family. Many Puerto Ricans are struggling to afford to stay in their homes due to outside investors buying up properties and driving up prices, leading to protests in Old San Juan against tax breaks for wealthy individuals like Bitcoin billionaire Brock Pierce. The tax breaks are part of Act 60, a law that was initially enacted in 2012 as the island faced economic collapse and gained more attention after Hurricane Maria in 2017. In 2019, the tax incentives were rebranded in order to attract investors in the finance and technology sectors, among others. Those who relocate to Puerto Rico can enjoy reduced income taxes on various financial gains and services revenues. A billboard in Silicon Valley promotes Puerto Rico as a technology hub 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 approvals. 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, individuals can receive tax breaks as investors if they have not resided in Puerto Rico for at least 10 years. In order to take advantage of a 4% corporate tax rate and zero capital gains tax, investors must also purchase a home. However, the over 3 million current residents of Puerto Rico are not eligible for these tax breaks. Heriberto Martínez Otero, the executive director of the Ways and Means Committee in the Puerto Rico House of Representatives, stated that this situation is leading to inequality in terms of taxpayer responsibility. Rising housing prices along the coast are forcing renters to move to more affordable neighboring towns, which could result in increased expenses for gas and tolls for commuting, explained Martínez Otero, who also teaches economics at the University of Puerto Rico. People who are selling their homes are benefiting from the increase in property prices, according to Governor Pedro R. Pierluisi, who has expressed support for investors purchasing luxury homes. The passing of a tax law was motivated by a decline in the luxury real estate market, with the intention of attracting individuals with capital to stimulate the real estate market. Policymakers were also worried about the large number of people leaving the island due to the economic crisis and Hurricane Maria, which caused the population of the island to decrease by 11.8% from 2010 to 2020, as reported by the census. Martínez Otero stated that the issue of people purchasing residential properties that do not align with consumption patterns in Puerto Rico is just one of the many problems on the island that is impeding the availability of affordable housing. In Rincón, Puerto Rico, outside investors are buying up properties and increasing prices, making it difficult for many locals to afford to stay in their homes. Sánchez, a homeowner in Rincón, helps manage the town's Section 8 program which offers affordable housing to low-income families. Despite the program providing $450 monthly vouchers for housing, he is struggling to find homes at that price. An oceanside meeting place in Rincón, Puerto Rico, on January 13, 2022. Many Puerto Ricans are expressing concerns about their ability to afford staying in their homes due to outside investors purchasing properties and increasing prices. "I'm concerned that local Puerto Ricans will not be able to reside or invest here and will ultimately be displaced," one person stated. "I initially thought that property prices were only rising in the downtown area, but now even properties in more rural mountainous regions are becoming costly." 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 an average price of $290,000. Currently, the unit could now be priced at approximately $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 she 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 searching for an alternative to going to the office every day and began exploring cryptocurrency investments as a means of generating income. Stevenson, a beneficiary of Act 60, is currently working as a consultant for a California movie producer who is now located in Puerto Rico, while also engaging in buying and selling cryptocurrency. Stevenson expressed excitement about the opportunity to learn and make money in the cryptocurrency market. She has signed a one-year lease for an apartment near the beach and is involved in several crypto 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. Around the bar and pool in early January, a group of about 20 people gathered, conversing under string lights and trying to be heard over the sounds of nocturnal coquí frogs. Torgerson asked the crowd how they were feeling in the market that week and if there were any new projects they were excited about. One person mentioned solar bitcoin mining. The new residents are also bringing their children, prompting Myriam Pérez Cruz, the principal at Manuel González Melo K-8 School in Rincón, to add more coursework for students learning Spanish as their second language. In the 2016-17 academic year, a survey of students identified 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 is required to vacate his home by March, recently drove around in search of suitable rental properties. Following this, he visited the beach, sat down on the sand with his legs crossed, and attempted to unwind. However, shortly after parking his car, he began to feel anxious. Matos mentioned that out of the approximately 50 people on the beach, he only noticed about five Puerto Ricans. He also commented on how much Rincón has changed.