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I continue to be confounded by the real estate bubble in Miami for this reason. They can adopt whatever euphemisms they like; what they are experiencing is now
by aaroninsf 9y ago
I continue to be confounded by the real estate bubble in Miami for this reason. They can adopt whatever euphemisms they like; what they are experiencing is now sea level rise as a result of climate change. The trend towards inundation is clear and accelerating.
Why then would you invest at Bay Area-level prices for a condo in a building which cannot keep its lobby dry, already?
The entire Gulf is based on porous limestone bedrock which makes sea walls completely untenable as a solution. Water will find a way in.
QED absent some truly miraculous black swan technological advance, Miami etc. are literally doomed to drown.
WTH are people thinking?
The only thing I can come up with is that it's a temporary parking place for foreign money banked at a loss if necessary to exfiltrate it into the US. :P
- Arizhel 9y ago>what they are experiencing is now sea level rise as a result of climate change. The trend towards inundation is clear and accelerating. >Why then would you invest at Bay Area-level prices for a condo in a building which cannot keep its lobby dry, already? >WTH are people thinking? Because the people of Miami simply don't believe you and don't believe that there's any climate change happening. And it's now the official position of the US government that there's no climate change.
- SimbaOnSteroids 9y agoA lot of them also don't plan on living long enough to see the seeds bear fruit though or they're knowingly buying property that they know is on a bubble but also know that they don't plan on holding the property long enough to see the bubble burst.