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Miami Will Be Underwater Soon. Its Drinking Water Could Go First

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Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#51
post #2

Part of the problem here is exacerbated by all the flood insurance that effectively subsidizes building in flood plains. In addition to long term measures to mitigate climate change, we should have a tax on areas that are threatened by flooding and water levels rising so that we can reduce the immediate issues by incentivizing people to move away from them.

Should we also tax people living in earthquake-prone and tornado-prone areas? How about blizzard-prone areas? Keep going with this and we will run out of places (in the USA) where it’s ok to live. Also, as someone who lived in south Florida, flood insurance is a joke and unavailable near the coast anyway. Nobody expects it to pay out enough in a major catastrophe, including hurricanes and flooding.

Blizzards don’t typically level buildings, and a tornado’s path of destruction is narrow enough that the lucky homeowners can sufficiently subsidize the unlucky ones through insurance.

Neither of those risks are comparable to earthquakes and hurricanes/flooding, which can be relied upon to thoroughly destroy huge swaths of cities, regularly.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#52
post #2

Part of the problem here is exacerbated by all the flood insurance that effectively subsidizes building in flood plains. In addition to long term measures to mitigate climate change, we should have a tax on areas that are threatened by flooding and water levels rising so that we can reduce the immediate issues by incentivizing people to move away from them.

This planet money episode seems relevant : https://www.npr.org/sections/money/2017/09/29/554603161/epis... Yeah, no private insurance company will knowingly insure houses in those flood prone areas that are pretty much guaranteed to flood. With the subsidized government insurance, people keep on rebuilding and collecting that free money.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#53
post #2

Part of the problem here is exacerbated by all the flood insurance that effectively subsidizes building in flood plains. In addition to long term measures to mitigate climate change, we should have a tax on areas that are threatened by flooding and water levels rising so that we can reduce the immediate issues by incentivizing people to move away from them.

Should we also tax people living in earthquake-prone and tornado-prone areas? How about blizzard-prone areas? Keep going with this and we will run out of places (in the USA) where it’s ok to live. Also, as someone who lived in south Florida, flood insurance is a joke and unavailable near the coast anyway. Nobody expects it to pay out enough in a major catastrophe, including hurricanes and flooding.

Some risks are not insurable since they're guaranteed to happen. That's why no private insurance company will offer flood insurance, but since these owners of capital have enough political clout, they are able to secure a taxpayer funded bailout fund (nation flood insurance program).

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#54
post #2

Part of the problem here is exacerbated by all the flood insurance that effectively subsidizes building in flood plains. In addition to long term measures to mitigate climate change, we should have a tax on areas that are threatened by flooding and water levels rising so that we can reduce the immediate issues by incentivizing people to move away from them.

Should we also tax people living in earthquake-prone and tornado-prone areas? How about blizzard-prone areas? Keep going with this and we will run out of places (in the USA) where it’s ok to live. Also, as someone who lived in south Florida, flood insurance is a joke and unavailable near the coast anyway. Nobody expects it to pay out enough in a major catastrophe, including hurricanes and flooding.

> Should we also tax people living in [...] blizzard-prone areas?

We already do; municipalities in blizzard-prone areas factor snow removal costs into their annual expenditures, which show up in residents' taxes.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#55

Start worrying when the banks stop offering mortgages to people trying to buy property in south beach. I remember when Katrina flooded New Orleans, lots of people were asking why rebuild the city when it almost certainly will flood like that again. And the answer was a simple, do you know how much it would cost to relocate everyone? What does it do to the economy when almost everyones largest asset(their house) is wo…

The banks will just ask for flood insurance.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#56
post #3

I’ve never understood how the parts of the country most affected by sea level rise have been so vociferously against it being real. When the BP spill happened and they had all the local mayors and politicians crying about the damage to their coast, I couldn’t understand why no one had the cajones to ask them why they cared so much about their coast being damaged now, when they were completely fine with it being gone…

I think there's been a brain drain happening in a lot of red states in recent decades. The educated people who have the ability and will to leave often do, leaving behind an increasingly ignorant population. It's coincidental that this same geographic region will be most affected by sea level rise, although nowhere on earth will be immune to the effects of climate change.

That has nothing do with why people want payouts from obviously disatrous externalities from pollutors.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#57

Interestingly, the Miami housing market outlook for 2019 is excellent, in spite of this news. https://gordcollins.com/real-estate/miami-real-estate-foreca... It would appear that people who actually have skin in the game believe otherwise.

And how many of them are so old that there is a good chance they will not live to see the flood? Long-term climate change looks very different when you only care about the next 10/15 years. One way or another, by the time it happens your condo wont be your problem.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#58

Start worrying when the banks stop offering mortgages to people trying to buy property in south beach. I remember when Katrina flooded New Orleans, lots of people were asking why rebuild the city when it almost certainly will flood like that again. And the answer was a simple, do you know how much it would cost to relocate everyone? What does it do to the economy when almost everyones largest asset(their house) is wo…

One of the things I learned from Bangalore's real estate market is to stop using Banks as some kind of proxy validation for things.

Its always common to hear people say 'If banks lend a loan against X, X must be ok to buy'. In reality although banks do a bit of verification here and there. Its mostly they are looking for a way to recover their money from you.

In many cases you will see the banks will happily lend money, and then if things go south, they will go after your collaterals or destroy your credit rating etc. Very rarely can you tell them, 'You approved of it, so bear the loss'.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#59

Interestingly, the Miami housing market outlook for 2019 is excellent, in spite of this news. https://gordcollins.com/real-estate/miami-real-estate-foreca... It would appear that people who actually have skin in the game believe otherwise.

Different timescales.

Sealevel rise projections range from 0.2 meters to 2.0 meters by 2100. Typical mean projection is less than 1.0 meters by 2100. Things get gradually worse, but it takes time before it affects the property values with full force.

Property investors and developers operate on timescales between 5-30 years, there is plenty of stuff to sell before demand starts to decrease.

Re: Miami Will Be Underwater Soon. Its Drinking Water Could Go First

#60

Earlier quoted context omitted.

I think there's been a brain drain happening in a lot of red states in recent decades. The educated people who have the ability and will to leave often do, leaving behind an increasingly ignorant population. It's coincidental that this same geographic region will be most affected by sea level rise, although nowhere on earth will be immune to the effects of climate change.

Funny, Florida is getting an influx of people exiting the Northeast due to the local tax cap changes of the current administration and our high prop and local taxes here. It's all over the press. Thus I'm skeptical. And "brain drains" refer to skilled employees leaving, not some intelligence or education level which you're implying.

Skilled employees have intelligence and education level.
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