The Miami Herald: Puerto Rican Debit Crisis

Companies that do business with Puerto Rican clients may feel pain in the short term, too.

“Our clients are going through the typical trials and tribulations of an economic crisis,” said Kobi Karp, a Miami-based architect who has worked in Puerto Rico since 1988 and is currently redesigning the Normandie Hotel in San Juan.

But Karp said the crisis also offers an opportunity.

In Miami, developers took advantage of the financial downturn to snap up properties on the cheap and redevelop then when the market healed. Karp said the same phenomenon could play out in Puerto Rico.

“This is when the savvy investors in real estate step in and buy land and buildings at extremely reasonable values,” he said. “In the long run, I believe the Puerto Rican economy will be stronger than before.”

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