Government Distorts Coastal Real Estate Market
This article describes how the federal government encourages people top build in coastal areas that are prone to flood. Morevover, the federal government then bails out home owners who were too dense to build some where less flood prone. This is a problem up and down the the Jersey Shore, as far as I'm concerned, and in other parts of the country as well.
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"In 2003, approximately 153 million people lived in U.S. coastal counties, an increase of 33 million people since 1980. By 2008, 7 million more will probably have moved there, too.
As a result of this success, beach developers tend to be disproportionately wealthy and politically influential, and therefore unusually good at fighting zoning laws and grabbing subsidies. Even after Hurricane Andrew forced Florida to establish stricter building codes, the owners of hot Florida Panhandle real estate managed to get a raft of exemptions for their region.
One North Carolina beach community, Emerald Isle, has collected millions of dollars in state and federal money to combat erosion — even though some 80 percent of Emerald Isle's new artificial beach is privately owned and inaccessible to the public, which paid for it."
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"In 2003, approximately 153 million people lived in U.S. coastal counties, an increase of 33 million people since 1980. By 2008, 7 million more will probably have moved there, too.
As a result of this success, beach developers tend to be disproportionately wealthy and politically influential, and therefore unusually good at fighting zoning laws and grabbing subsidies. Even after Hurricane Andrew forced Florida to establish stricter building codes, the owners of hot Florida Panhandle real estate managed to get a raft of exemptions for their region.
One North Carolina beach community, Emerald Isle, has collected millions of dollars in state and federal money to combat erosion — even though some 80 percent of Emerald Isle's new artificial beach is privately owned and inaccessible to the public, which paid for it."
More...
posted by Little_Silvered at 9:10 PM
1 Comments:
Emerald Isle is a beautiful community and much of the beach is provatly owned but it is available to tourist by renting a beach house. I do agree that the money should not go to private beaches but if they drive in tourist dollars, which drives the economy of places like Emerald Isle, than it is worth it.
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