The ongoing swarm of finance titans from New York City into Palm Beach has left the glitzy enclave’s private school sector unable to meet demand, according to a report.
The shortfall, according to the Real Deal, is now hampering the area’s blistering real estate sector, with parents waiting to finalize sales until they secure private school placement.
Applications to institutions like the Benjamin School in Palm Beach Gardens have exploded by more than 100 percent from just five years ago, according to the site.
“We just don’t have enough room,” the school’s admissions chief, Amy Jablonski, told the outlet.
One prospective buyer delayed closing on a home in the area because her child could not land a spot at Benjamin.
“I’ve had families who have not made the transition down,” said Benjamin board member Matt Brannon, according to the report. “Until they can get into certain schools they’re not going to uproot their families.”
Waitlists are now years-long at top schools and affluent buyers view local public options as all but unthinkable, according to the report.
The moneyed rush into South Florida accelerated during the pandemic, with a slew of Wall Street firms opening satellites in the area and allowing staffers to work remotely in Florida.
Demand has been so intense that a municipal business group established a task force to work with private school administrators to address the bottlenecks.
With the influx continuing, some New York-based private schools are even considering expansions into the Sunshine State, according to the report.
“Out-of-state private schools are wanting to follow their customers,” Palm Beach County Business Development Board President Kelly Smallridge told the site.
That was up by 44 percent compared to the same period in 2021.
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