David Lynd, a San Antonio-based developer of large-scale apartment buildings, had been expanding his business in South Florida. But recently, he decided to put one of his new projects on hold.
There’s no problem with demand. People in tech, finance and other businesses are pouring into the area, looking for a home to rent. It is the cost of insurance for commercial property in the state, which overall has doubled in the past year, that is causing him to pull back.
