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One in five Texans lives in a floodplain, state’s first-ever analysis shows
- retrocryptid 3y agoI guess TX Real Estate is cheap for a reason.
- umrcumrcu 3y agoIt's cheap because unlike in CA, NIMBYs can't stop new houses.
- bobthepanda 3y agoIt is also cheap because property tax acts as a lid on prices. If the price goes up in Texas the tax goes up accordingly, but the same is not true in California due to Prop 13. And Texas has some of the highest rates in the country.
- WirelessGigabit 3y agoCA tax increases are capped. So if you buy today and next year the value of your house goes up a LOT your increase is capped. The other part that sucks is inheritances. Then the price is not re-evaluated. Now you have people sitting on a $2,000,000 house with a value of 200,000.
- CameronNemo 3y agoThe inheritance trick is really limited now. The parent (or whoever is passing the house on) had to have been living there, and the inheritor has to move in and make it their primary residence.
- KnackeredHues 3y agoThat broad brush paints regulatory agencies as petty and selfish.
- MrMan 3y ago[dead]
- retrocryptid 3y agoOr maybe it's cheap because one out of five houses sold are in a flood plain. Also, it's not the NIMBYs stopping unchecked development.
- pixl97 3y agoI mean in the last few years property has got pretty out of control here in TX.
- errantmind 3y agoWhat's the first thing people / developers do after houses are wiped out by a flood in a floodplain? Build more houses in the same spot. It is pretty common still, in Houston, for people to openly disclose if their house didn't flood during Hurricane Harvey when trying to sell their house. If they did flood, you look for the negative signal there. I heard people keep rebuilding because they can usually get affordable 'Insurance of Last Resort'.
- x86x87 3y agoLol. Affordable. Not for long. Look at what is happening in Florida wrt home insurance. So you may live in a flood plane and you have an unreliable power grid? What else?
- jqpabc123 3y agoFlorida insurance rates are expected to increase by 40% in 2023. https://www.businessinsider.com/personal-finance/homeowners-insurance-florida-cost-rising-2023-7?op=1 https://www.businessinsider.com/personal-finance/homeowners-...
- bob1029 3y ago> and you have an unreliable power grid I'd argue there is a bit of an anti fragility element here. The fact that the approximate black swan event did occur absolutely forced changes throughout. I'd agree things are probably still not ideal but the power grid is about engineering and tradeoffs. Consider this game theory: Why would Samsung continue to aggressively construct semiconductor factories in Taylor, TX after having suffered a 7-8 figure wafer scrap incident due to the very same grid outage? I can assure you of one thing: There is no way in hell they are running those factories using standby generation, UPS, etc.
- jqpabc123 3y agoSo wait --- have right wing politicians in Texas finally accepted that global warming is for real? No longer just a hoax created by lefty scientists? Or are some still clinging to their fallback theory --- that increasing CO2 levels have nothing to do with it? Pulling billions of tons of carbon out of the ground every year and burning it in the atmosphere is totally irrelevant? Right wing politics is rooted in magic and magical thinking. But realty is nothing if not persistent.
- readthenotes1 3y agoAnother gift from the Johnson administration. He set up a task force to look into flood insurance. They came up with recommendations and one of them was "under no circumstances should it be subsidized" To grow in the littoral, Johnson pushed it with subsidies