Test of Status

The froth that was described so well bny Greenspan seems to be having very real affect on the workforce in Naples, Florida. It will be interesting to see long-term how rich communities deal with worker housing problems.

`Bubble City’: Workers Flee Naples, Florida’s High Home Prices

Locals call Naples the “bubble city,” with home prices that have surged 140 percent since 2001. It’s the most overvalued housing market in the country, driven by an influx of retirees and second-home buyers, according to a June report by National City Corp. and Global Insight economists.

Teachers, nurses, paralegals and other middle-income workers are pursuing housing — and jobs — elsewhere. That’s making it tough for employers, which are giving big raises and housing subsidies and still finding it difficult to hire or keep staff.

“We have a workforce housing problem of acute proportions,” said Edward Morton, chief executive of Naples- based NCH Healthcare System, which operates hospitals employing more than 4,000 people. “It is a crisis that will only get worse.”

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