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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