Wall Street of The South

You just answered your own question.

Not saying it's right but, again, I think you need to take some time to educate yourself a little. 

Over time the state of Florida became much more accessible to the middle-class, especially after cars came in vogue. Once poor people, or some other undesirable class, can do something it automatically becomes "less cool" to the rich/desirables by nature (basic human psychology, tribalism/other-ism, etc.). See Daytona Beach, FL. It was once a nice beach destination, then the undesirables (spring breakers) became a nuisance, trashed the place and now it is a shell of what it once was. Another example is the book 'Sapiens', a book that was held in high regard among the "reader community" just 6 years ago has trickled down to "commoners" so as of late it has been getting dragged and it is now the latest book that's cool to hate. Same thing with Malcom Gladwell's books, cool years ago, uncool now. 

"White flight" has not been an uncommon phenomenon post-WWII especially during the 50's-00's. Large influxes of poor immigrants/minorities to an area, namely refugees, naturally drive away upper-middle class families of all races as the perceived safety and value of the property falls. This, alongside the end of the cocaine boom marked a significant drop in the city's economic standing, hamstringing tax revenue and from there it is a cycle. Then eventually other groups started pouring in as it became a hub for immigration, especially during the cold war for those looking to escape communism.

There now seems to be resurgence in the area, especially post-COVID as an extremely business and tax-friendly state, slightly more libertarian political tendencies, warm weather, generally lower COL, a storied nightlife culture, reputation for partying and wealth, and remote work draw people there. Previously, the city wasn't a massive business-center but efforts by the municipality and Florida's political leadership to take advantage of the momentum brought on these post-COVID shifts seems to be picking up, renewing interest for higher skilled professionals.