Exactly. It reminds me of the "I'll be gone, you'll be gone" mentality of Wall Street in the mid-2000s. As long as these new developments are sold to buyers/investors now, the risk is transferred away from the developers and their incentive to build remains. And the demand isn't going to dry up any time soon with tons of cash from South America coming into Miami every day.

There will be a day of reckoning soon when the next major hurricane hits and all of these new developments are damaged beyond repair. Miami got very lucky with Matthew a few months ago, but the next one is really going to hurt today's buyers.