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I think if the insurance wasn't subsidized, the (massive) values of those beachfront properties would collapse. With that, the tax revenues derived from that wo
by mullingitover 7y ago
I think if the insurance wasn't subsidized, the (massive) values of those beachfront properties would collapse. With that, the tax revenues derived from that would sink beneath the waves, which would bankrupt local and possibly state governments. From what I understand those subsidies are what's keeping Florida from becoming a failed state.
- frenchyatwork 7y agoWouldn't other luxury housing increase in value though? It's not like the rich people are going stop having vacation homes.
- 0xffff2 7y agoIf you're a beachfront town, you don't care much that rich people are now buying vacation homes in the mountains. Your economy is still ruined.
- wlesieutre 7y agoIf that's the justification, would it would be cheaper to stop throwing the money away over and over on rebuilding in flood areas and just subsidize Florida directly?
- 0xffff2 7y agoOr would it be cheaper to stop throwing money away and let Florida become a failed state and restructure to some new stable configuration (presumably with a much lower population)?