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Not far from the super yachts docked outside the island palaces of Miami’s new billionaire class, smaller boats abandoned by people who couldn’t afford them languish in Biscayne Bay.

Since October, Miami Beach police have identified and removed about 140 vessels that were left to rot in the tropical heat. More sit half-submerged or anchored across the Bay, near some of the most expensive real estate in America.

“A lot of people buy a boat but don’t realize how much it costs for fuel, maintenance and marina fees,” said Sergeant Javier Fernandez, commander of the Miami Beach police marine unit, as he surveyed the abandoned vessels about 100 yards off Star Island aboard the department’s 32-foot Contender center console patrol boat.

Suddenly, a sunken cabin cruiser, more than 30 feet long, came into view in the clear, shallow waters ahead, the top of its rotting wheelhouse jutting out at an odd angle. Fernandez’s boat turned to port to avoid a dangerous collision.

“This is where they end up,” he said.

The marine graveyard is one downside of an unprecedented surge in boating since the pandemic, spurred in part by an influx of well-to-do newcomers. With wealth flooding into Miami, boats have gotten bigger, driving up costs for things like marina space and maintenance for everyone. There were roughly 1.2 million registered boats in Florida in 2024, more than any other state, and up about 20% since 2023, according to the National Marine Manufacturers Association.

The abandoned vessels ranged from sailboats, cabin cruisers and pontoon craft to center-console fishing boats, bow riders and even a 60-foot custom-rigged catamaran, according to police records reviewed by Bloomberg.

Derelict vessels are a danger to other mariners and a nuisance to property owners. Occasionally, abandoned craft break free of rotting lines and crash into the bulkheads near the seaside mansions dotting the affluent islands around Biscayne Bay. Leaking fuel can pose a threat to the environment.

The abandoned boats are a sign that the gentrification that’s taking place on land has spread to South Florida’s waterways. As billionaires bought properties in Miami’s most exclusive enclaves, the cost of living soared more than 36% in six years, outpacing the national inflation rate over that span of about 29%, according to Bureau of Labor Statistics data. That has squeezed out some of the less well-off: More people are moving away from Miami than any other major US city, according to a study by the Bank of America Institute.

Those same forces have also put pressure on boaters — and some just give up.

The new wealth on display on the area’s crowded seas exists alongside a teeming mass of middle-class mariners. In Miami-Dade County there are 73,000 boats, including almost 5,000 that are more than 40 feet long. That doesn’t include super yachts flagged elsewhere that have been spotted cruising the channels and bays.

Soaring demand for marina space has left less-affluent pleasure boaters looking for moorings and crowded out businesses that serve them. The growing fleet has also made the waters more dangerous. There were 6.4 deaths per 100,000 registered boats in Florida in 2024, roughly 50% higher than the national rate, according to the most recent US Coast Guard data.

Earlier this year, a man was killed when a bigger boat ran over his dinghy while he was puttering around Key Biscayne with his 14-year-old son. Eleven people were seriously injured in Miami when their boat exploded during a birthday celebration. In early June, the body of a woman washed ashore on Hollywood Beach after being struck by a boat while snorkeling, police said.

Some 67% of fatalities involved boats helmed by captains with no formal training, and a third of accidents were collisions with fixed objects like channel markers, according to the Florida Fish and Wildlife Conservation Commission.

“There’s more congestion on the water,” said George Reynaud, a spokesman for the agency in Miami, “and more boats means more inexperienced boaters.”

According to National Marine Manufacturers Association estimates, US power-boat sales fell about 10% in 2025 and aren’t expected to rise much this year. In Florida, sales slumped or were flat last year for almost every size of boat, according to the association.

One exception: yachts and super yachts, said Phil Purcell, chief executive officer of the Marine Industries Association of South Florida.

“You can look at it the same way as the real estate market,” Purcell said. The association owns the , a mecca for yacht buyers. The five-day event in the late fall generated $800 million in sales last year.

“Boating is a big part of the culture, everyone catches on that it’s a great part of life in Florida,” Purcell said.

Buying a vessel and keeping it seaworthy is expensive. Boats under 26 feet long — the most popular class of boats sold in South Florida — sold for an average of $60,000 last year, while 26- to 35-foot boats averaged $170,000, according to Boats Group, which owns several online sales platforms.

That’s only the beginning: Annual repairs, docking, fuel and insurance can come to about 10% of a boat’s value. Slips in South Florida typically cost between $25 to $55 a foot a month, but can soar to $100. New engines can run to $30,000 or more. With Miami marine mechanics in high demand, something as simple as a tune-up can cost hundreds.

In part because of rising costs, Florida has grappled with a derelict-boat problem. The state spent about $13 million to remove abandoned craft in 2024, and the Florida Legislature last year made it easier for police to remove vessels and toughened penalties for abandoning one.

About an hour north of Miami Beach, billionaire Joe Lewis, who lives and works part of the year on his 323-foot yacht Aviva, bought Pier Sixty-Six, a six-decade-old fueling station, marina and hotel on the Intracoastal Waterway.

Lewis’s firm, Tavistock, spent $1 billion transforming the property into a resort with a five-star hotel, a condo tower with $14.5 million penthouses and a marina specializing in supersize boats. Tavistock is spending hundreds of millions more to expand the marina complex.

At $8 to $10 a foot a day, the Pier Sixty-Six marina caters to yachts, said Megan Lagasse, the marina director. Facing the marina are the US headquarters of super-yacht builders including Italy’s Sanlorenzo and Germany’s Lürssen. In plush showrooms, clients can order custom-made, 200-foot-plus boats costing roughly $1 million a foot.

In Miami Beach, an overhaul of the city-owned public marina, built in the 1980s, is planned. Its operator, Suntex Marinas, wants to make way for larger boats that are more in demand and to add long stretches of dockage for super yachts.

“There’s a disproportionate amount of people that can afford larger boats in southeast Florida,” said Rich Carter, chief operating officer of Suntex, which runs dozens of marinas in the US.

Some of the rich are also building their own slips. On a vacant stretch of dock near Government Cut, the 52-foot-deep manmade channel that leads to Miami’s port and cruise-ship terminals, financier Ken Griffin is to park his yachts.

The Miami Beach marina evicted more than 30 charter operators after residents of nearby luxury condos complained about noise. Captains who survived the purge faced restrictions on their hours.

“This is a war against working people by rich people who bought a condo for a view of the marina, but now they complain about the marina,” said Jessica Londono, the co-owner of a charter operator that has worked out of the marina for 20 years. “They are trying to put us out of business, and we were here first.”

The marina thrived as a base for charters for decades, fed by hotel guests who would pay at least $2,000 for a half day on the water with a captain and crew. But during the pandemic, the number of charters at the marina jumped, and so did complaints about unruly, intoxicated passengers, said Keith Marks, president of the area’s neighborhood association.

Marks said he’s got nothing against charter businesses who operate properly, but some customers were “fighting, drunk, loud, screaming, after midnight, waking up people in the condo buildings, waking up everyone.” Miami Beach Mayor Steven Meiner said his top priority is “to keep people safe and to ensure that the quality of life of our residents and tourists are upheld to the highest level.”

Londono, standing on the docks after sending off two of her chartered yachts with groups of tourists, said the marina’s shift away from charters and smaller vessels is transforming boating — long an egalitarian pursuit in Miami — into the domain of the wealthy.

“The rich,” she said, “are really putting the squeeze on us.”

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Top photo: A problematic vessel moored near Palm Island. (James Jackman/Bloomberg)