4 ms·

The houses are doomed. Anything built right next to the ocean is temporary, and if you were dumb enough to put millions into a fancy house there, that should be

The houses are doomed. Anything built right next to the ocean is temporary, and if you were dumb enough to put millions into a fancy house there, that should be taken as an expensive lesson. In the absence of seawalls, the beach will advance as the ocean rises, but the loss they're describing is far in excess of anything caused by sea level rise.

titzer 6y ago
> that should be taken as an expensive lesson. haha, laughs in global financial crisis Haven't been paying attention? Rich people never have to learn lessons. Never.
s1artibartfast 6y ago
>The houses are doomed. Anything built right next to the ocean is temporary, and if you were dumb enough to put millions into a fancy house there, that should be taken as an expensive lesson Everything is doomed in the long run. Most of those houses look like they could withstand the <=1 meter sea level rise expected by 2100. That is generations of owners enjoying them and making profits. I imagine at some point the home value will start to decrease, but that could be gradual and a long way off. The "expensive lesson" for the next several "dumb" owners could be that they owned a beautiful house and sold it for millions more than they bought it.
- SulfurHexaFluri 6y ago
  I think the problem is that even if the houses are far back enough that they are 1m about sea level, they are now at extreme risk of destruction if there is a major weather event where they might have previously avoided it.
  - s1artibartfast 6y ago
    I don't think it is fair to say that they are now at an extreme risk of destruction. Risks always exist. The risk of flooding is probably some small percent higher than it was 10 years ago, and 10 years before that. The risk will increase over the next 100+ years until the homes are destroyed. It seems like a problem that will work itself out. Either insurance will go up, the house value will go down, or both.
    - madhadron 6y ago
      In the mainland US, houses right on the shore that are likely subject to storm surge are covered by some kind of government program since private insurance won't touch them. I have forgotten the details, unfortunately.

titzer 6y ago

> that should be taken as an expensive lesson. haha, laughs in global financial crisis Haven't been paying attention? Rich people never have to learn lessons. Never.

s1artibartfast 6y ago

>The houses are doomed. Anything built right next to the ocean is temporary, and if you were dumb enough to put millions into a fancy house there, that should be taken as an expensive lesson Everything is doomed in the long run. Most of those houses look like they could withstand the <=1 meter sea level rise expected by 2100. That is generations of owners enjoying them and making profits. I imagine at some point the home value will start to decrease, but that could be gradual and a long way off. The "expensive lesson" for the next several "dumb" owners could be that they owned a beautiful house and sold it for millions more than they bought it.

SulfurHexaFluri 6y ago
I think the problem is that even if the houses are far back enough that they are 1m about sea level, they are now at extreme risk of destruction if there is a major weather event where they might have previously avoided it.
- s1artibartfast 6y ago
  I don't think it is fair to say that they are now at an extreme risk of destruction. Risks always exist. The risk of flooding is probably some small percent higher than it was 10 years ago, and 10 years before that. The risk will increase over the next 100+ years until the homes are destroyed. It seems like a problem that will work itself out. Either insurance will go up, the house value will go down, or both.
  - madhadron 6y ago
    In the mainland US, houses right on the shore that are likely subject to storm surge are covered by some kind of government program since private insurance won't touch them. I have forgotten the details, unfortunately.