Re:21 new towers going up in Miami
by oddtuple on Saturday January 15, 2022 @04:33PM
(#29950521)
This is something I wonder about often as well. Why are all these coastal cities constantly being pumped full of money in the form of new building and real estate ventures when the forecasts show how risky of a long term investment it is? Sure, you can gain some short term profits, but these investments are being made by large banks with access to data on what these investments will look like _over decades_.
Are people just planning on sea walls, dikes, and other mega projects to deal with shifting coastlines? I can understand it for certain financially entrenched areas like New York City, but still... we're talking 10s - 100's of Billions in infrastructure to preserve these cities.
The cities themselves have an existential threat, one which they _have_ to throw money at to solve. It's the outside investors who _also_ throw money at these areas with the knowledge that _their_ investment requires these mega projects to pan out when there are other less risky investments that I find so mind boggling.
Re:21 new towers going up in Miami
by unionpivo on Saturday January 15, 2022 @06:04PM
(#29951362)
because if you are developer corporation you don't care. You build where people and money currently are. Once you build it and sell it it's somebody else problem.
Re:21 new towers going up in Miami
by CamperBob2 on Saturday January 15, 2022 @10:58PM
(#29953137)
Counterpoint: If you're a developer and your projects are uninsurable, that is your problem. You're not going to be a developer for very long if that's the case.
Re:21 new towers going up in Miami
by unionpivo on Tuesday January 18, 2022 @02:37AM
(#29976229)
sure, my point is, developers build where money and people are now. They don't care, like most corporations don't care what will happen in 50 years time.
Re:21 new towers going up in Miami
by oceanplexian on Saturday January 15, 2022 @05:10PM
(#29950859)
Probably the same reason so many politicians and wealthy tech entrepreneurs (e.g. Zuckerberg) are buying waterfront property. Sea level rise is a lot of hype and not a lot of substance. If it were such a big deal all the coastal cities in the US would have already been wiped out every time there was a windy day and 1-3ft sea swells.
Re:21 new towers going up in Miami
by anm89 on Saturday January 15, 2022 @04:22PM
(#29950417)
How do you look at Miami, the most vulnerable city in America to climate Change maybe in a tie with Tucson, and decide it's somewhere you want to make a 50 year investment?
Maybe they have done their research and I understand something I don't but I don't get it.
Re:21 new towers going up in Miami
by Arnt on Saturday January 15, 2022 @04:33PM
(#29950522)
A fifty-year building doesn't have to be a fifty-year investment. If you can build something for $1m and sign contracts that guarantee you $400k in rent in the next five years, and you think there's an very good chance that you'll be able to sell for >$600k, then building makes sense.
This is the case for a building where I know a tenant, except that I changed the sums.
Are people just planning on sea walls, dikes, and other mega projects to deal with shifting coastlines? I can understand it for certain financially entrenched areas like New York City, but still... we're talking 10s - 100's of Billions in infrastructure to preserve these cities.
The cities themselves have an existential threat, one which they _have_ to throw money at to solve. It's the outside investors who _also_ throw money at these areas with the knowledge that _their_ investment requires these mega projects to pan out when there are other less risky investments that I find so mind boggling.
And apparently it's not the case.
Yes. Miami is actively planning for higher sea levels and funding that adaptation with new development.
Maybe they have done their research and I understand something I don't but I don't get it.
This is the case for a building where I know a tenant, except that I changed the sums.
You may not be aware of this, but housing isn't what's causing sea levels to rise.
Medium term, by 2070, sea level is projected to rise 21 to 54 inches above 2000 mean sea level.
Long term, by 2120, sea level is projected to rise 40 to 136 inches above 2000 mean sea level.
https://southeastfloridaclimatecompact.org/announcements/the...