1920년대 플로리다 부동산 개발 붐과 과열 투기

Abstract

This paper discusses the Florida real estate bubble of the 1920s: why it started, how it was developed so suddenly and rapidly, and how it was ended. In the early stage of the boom, famous individuals such as Henry Flagler and Carl Fisher led the real estate development with the construction of resort hotels. To help their own businesses, they also initiated the construction of the two major public transportation systems: The Florida East Coast Railway and the Dixie Highway. Later, the plans for larger scale communities like Coral Gables and a planned new towns like Boca Raton drew more people into Florida as the boom reached its peak in 1925. Excessive advertisement and promotion, easy and cheap loans, and the new strategies of binder contract all induced the American public into the overheated speculation on Florida land boom. Finally, the corruptive banking industries associated with the real estate business and the supervisory authorities, as shown in the example of the Mizner Development Corporation, was responsible for the bank run and the collapse of the real estate boom.