Once the problems in Miami get too big to ignore, residents will demand, and probably get, a huge engineering megaproject to fix the problem on the taxpayers’ d

Once the problems in Miami get too big to ignore, residents will demand, and probably get, a huge engineering megaproject to fix the problem on the taxpayers’ dime, because the alternative is abandoning a major city, which has never been done in modern times apart from major nuclear accidents. So (unfortunately) it remains rational to invest in Miami real estate even if you accept that it’s going to be flooded in the next couple decades.