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> So, basically, we should restructure our entire economy so some multi-millionaire's luxury vehicle and lawn won't flood on an island? The economy will restru
by lfam 11y ago
> So, basically, we should restructure our entire economy so some multi-millionaire's luxury vehicle and lawn won't flood on an island?
The economy will restructure itself and the area will depopulate. The article mentions the role of banks and insurers. Almost nobody can afford to buy a home without a mortgage or to self-insure.
Already, many Florida homeowners have only one option for homeowner's insurance: the Citizens Property Insurance Corporation, which is a non-profit "insurer of last resort". There is no profit in insuring the Florida coasts.
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https://en.wikipedia.org/wiki/Citizens_Property_Insurance_Corporation https://en.wikipedia.org/wiki/Citizens_Property_Insurance_Co...