Why then would you invest at Bay Area-level prices for a condo in a building which cannot keep its lobby dry, already?
The entire Gulf is based on porous limestone bedrock which makes sea walls completely untenable as a solution. Water will find a way in.
QED absent some truly miraculous black swan technological advance, Miami etc. are literally doomed to drown.
WTH are people thinking?
The only thing I can come up with is that it's a temporary parking place for foreign money banked at a loss if necessary to exfiltrate it into the US. :P
>Why then would you invest at Bay Area-level prices for a condo in a building which cannot keep its lobby dry, already?
>WTH are people thinking?
Because the people of Miami simply don't believe you and don't believe that there's any climate change happening. And it's now the official position of the US government that there's no climate change.
The whole city suffers from high tides to the point where they have a different electrical system compared to the rest of Italy. San Marco square is usually under knee-high water; a problem to which solution they spent €6B, but that didn't work out almost at all. Add the fact that the whole place smells like a sewer most of the time, and you have a better picture of what it is like.
It might be a cool place for a 1 or 2 day visit, but definitely not a nice place to live.