Why Are Developers Still Pouring Billions into Waterlogged Miami?
If you look at various financial crises throughout history, you&#x27;ll see that even amid increasingly clear evidence of problems, the status quo is surprisingly sticky. Things move along as normal, and everything seems fine until suddenly... they don&#x27;t. In hindsight things seem obvious, but at the time it&#x27;s difficult to know if you are merely flirting with the edge, or you&#x27;ve actually gone over it.<p>Miami real estate (and other low lying shorefront) isn&#x27;t quite at that &#x27;oh crap&#x27; moment yet. While the evidence for CO2 driven rising sea levels is clear to me, there are plenty of financiers from the previous generation for whom it isn&#x27;t. And even if they&#x27;re wrong on global warming, they might be right on sea-walls, pumps and other mitigation methods. The Raising of Chicago lifted the entire city up 3-6 feet with merely 1850s technology, so it&#x27;s not as if we can&#x27;t solve Miami&#x27;s sea level issue with sufficient investment. The issue is who foots the bill, how large it is, and what neighborhoods are left to the sea.