A simple (if partial/non-specific) explanation why the excesses of the Real Estate Industry will effect the economy for a long time. A local story of greed gone wrong thrown in.
Beyond that, the local cuts in spending on education, capital improvements, infrastructure, etc. will have long lasting and devastating effects on the economy. Because government employment dominates the Miami job market- MDPS, FIU, MDC, MD County, Cities, etc. Real Estate jobs (especially on the financial side) have vanished and construction jobs have become catch is as catch can. Half finished projects are dotting the downtown landscape like Baghdad. Businesses in the Gables, the Grove and throughout the city have shuttered at a remarkable rate. (A recent walk through the Grove was like touring the land of commercial death.) Even media is affected as the advertising dollar (which was often spent and mispent with abandon during the hieght of the RE boom) have now dwindled and advertising people are cutting rates to barely above the price of ink. Miami is in it for a long time. Too bad there isn't something like the upsurge in cocaine popularity as in the 80's.
The real estate crowd keeps asking for tax relief when what they really want is to stay the bleeding by screwing Floridians. If the average man wants tax relief he would do much better in asking for a reduction in sales tax.
A better idea is to continue to root out corruption, increase the quality of education and life, make the area attractive for external capital and skilled workers (God know's there are enough vacant condos to rent). By ending the Banana Republic, Miami can come out of this downturn all the better for it.