Question

Question 5(Multiple Choice Worth 5 points)

What was the long-term effect of speculation on Florida?

Many people could no longer afford to live there.
Investors moved to the state permanently.
Residents' wages grew to keep up with rising rents.
The government taxed property and income at high rates.

Answer 1

Many people could no longer afford to live there

Answer 2

The correct answer is A: Many people could no longer afford to live there.

The Florida Land Boom brought to a real crisis to the real estate industry. Land prices had reached such high prices that not only people couldn't afford to move there, but also, people who already lived there had got to move out and sell their lands.