That Sinking Feeling: The Politics of Sea Level Rise and Miami’s Building Boom
▻http://prospect.org/article/sinking-feeling-politics-sea-level-rise-and-miamis-building-boom
▻http://prospect.org/sites/default/files/styles/thumbnail/public/ap080226067637_lead.jpeg?itok=0adX9IJx
You might think, therefore, that developers, investors, and homebuyers would be very gun-shy about putting more money into Miami real estate. One good-sized hurricane, or another decade of relentless sea-level rise, and their investment will be washed away. At the very least, values are likely to fall because escalating climate threats will scare off other investors and falling demand will depress property values.
But you’d be wrong on both counts. Miami is enjoying yet another real-estate boom, one in a long series of boom-and-bust cycles that date back to the first Florida real-estate craze in the 1920s.