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America’s Great Climate Exodus Is Starting in the Florida Keys

bloomberg.com

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Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#41

Post by acdha »

watertom wrote: post #26

Why is the government buying these people out? The homeowners weren't forced to purchase these properties, so it's not the government's responsibility to remediate the situation.

Think about who owns waterfront property, yacht clubs, etc. and ask whether those rich people are likely to be well-represented in the legislatures. Government agencies do what the law makers tell them and it’s really hard to roll back decades spent ignoring the problem for short-term profit, especially when there’s a large and effective propaganda machine which will attack anyone who suggests policies which realistically accept the scale of the problem.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#42

Post by wolfspider »

ForHackernews wrote: post #3

Where are the insurance companies on all this? Shouldn't it become increasingly more expensive to insure a low-lying property? Are they not including climate risks in their modelling?

While doing a gig for Nationwide years ago I got to see how difficult insurance is for coastal areas. Flood insurance has paid out way more claims than money they had in the tank long ago. Alternative capital investors rushed into this market the last few years causing enough competition that rates barely moved but now these rates are being adjusted on a risk basis which means things are about to get a whole lot more expensive. It’s simply a delay in the movement of the market but the damage has been done and there is no turning back now. So yes, you are correct.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#43

Post by PKop »

ryansmccoy wrote: post #39

Why do people buy beach front houses when they know they'll be under water in just a few years? Doesn't make sense to me.

Because they know it won't be under water in just a few years, and that the climate scare is selective presentation of statistics in service of propaganda to consolidate political power.

Interesting view highlighting the selective presentation of statistics:

https://www.youtube.com/watch?v=8455KEDitpU

President Obama is one of those who must think the sea level won't rise dramatically for a while, given he recently bought property near the ocean.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#44

Post by readhn »

AtlasBarfed wrote: post #35
watertom wrote: post #26

Why is the government buying these people out? The homeowners weren't forced to purchase these properties, so it's not the government's responsibility to remediate the situation.

Rich people own beach property. This is a government for the rich.

if you bought today - yes, you'd have to be rich. houses in coastal area weren't always this expensive.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#45

Post by toomuchtodo »

acdha wrote: post #41
watertom wrote: post #26

Why is the government buying these people out? The homeowners weren't forced to purchase these properties, so it's not the government's responsibility to remediate the situation.

Think about who owns waterfront property, yacht clubs, etc. and ask whether those rich people are likely to be well-represented in the legislatures. Government agencies do what the law makers tell them and it’s really hard to roll back decades spent ignoring the problem for short-term profit, especially when there’s a large and effective propaganda machine which will attack anyone who suggests policies which realisti…

The woman profiled in this Bloomberg piece is 60, likely is not wealthy (her insurance settlement is a bit more than half of what remains on her mortgage, and she cannot afford to bring her house up to code due to the extent of the damages), and could possibly be homeless without a relo buyout. If it was me, I’d buy a new home in Florida (far above sea level!) with my settlement, and default on the shack she’s stuck with (Florida law is very strong when it comes to protecting debtors; as long as her new home is her primary residence, all of her equity would be protected from creditors, as well as her social security when she begins to collect). But that’s not a solution that works at scale.

As long as the properties are bulldozed and never allowed to be developed again, it’s reasonable policy.

Should people know better? Perfect information is hard. I’ve bugged Redfin several times to include these models in their property search interface with no reply. You need legislation to better assist real estate buyers to fully understand what they’re getting into.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#47

Post by readhn »

the problem is that they keep building using outdated technologies!!!!

why do they keep building these "paper" houses? average american house is too poorly constructed to handle these things. honestly its just a few sticks and plywood in between most of the time! what hurricane??? Government should force contractors to build using ICF technology, hurricane proof houses on high stilts in coastal areas and problem solved!!!

this is a crucial comment: "She dreams of resettling in Key West or Homestead, a safer spot on the Florida mainland.

“I’d like to take the money and run,” Rittel said. “But I’ll have to buy something on stilts. I’m not buying anything on the ground down here ever ever again.”"

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#49

Post by itronitron »

ryansmccoy wrote: post #39

Why do people buy beach front houses when they know they'll be under water in just a few years? Doesn't make sense to me.

I remember as a child going on vacation to the beaches in Virgina and the Carolinas and always seeing the remains of multiple beach front houses that had been destroyed by waves. The unpredictability of which houses were wiped out made quite an impression.

Re: America’s Great Climate Exodus Is Starting in the Florida Keys

#50

Post by eanzenberg »

ryansmccoy wrote: post #39

Why do people buy beach front houses when they know they'll be under water in just a few years? Doesn't make sense to me.

Because science says sea level rise is 10ft at the worst case in 100 years? In other words, its alarmism and I don’t appreciate blaming (and compensating) everything because the big boogeyman, climate change.
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