Bloomberg
Miami Commissioner Tomas Regalado was elected mayor of Floridas biggest city with a pledge to control spending, limit property-tax increases and curtail development.
Regalado, 62, led fellow commissioner Joe Sanchez, 44, by 72 percent of the votes to 28 percent with 88 percent of precincts reporting, according to the Miami-Dade County Elections Department.
The Cuban-born Spanish-language television journalist replaces Manny Diaz, whos served the two-term limit. Regalado pledged to continue spending controls Diaz implemented, including job and salary cuts that helped close a $118 million gap in the citys fiscal 2010 budget.
Miami was forced to raise property taxes and cut costs as the housing recession shrank its tax base. The value of the city’s real estate will drop 6.6 percent next year, compared with average annual growth the previous four years of 19 percent, Standard & Poor’s said in July. More…