Should taxpayers subsidize my new, gigantic beachfront house? Few people realize this is going on, even though mostly everyone would agree that this is folly.
Anyone trucking the family on serial pilgrimages to the Atlantic and the Gulf Coast can see that beach houses are getting bigger and bigger, especially after hurricanes strong enough to cause major destruction.
"[T]hese homes [are] built back bigger in places known to be vulnerable to coastal hazards.
In high season this summer, there were big beachfront homes going for over $40,000 per week on Pine Island, North Carolina, on the Outer Banks.
The bigger the home, the more income it generates, and the higher its replacement cost when the next big storm mows it down.
Nowadays each of those repetitive losses tend to be replaced by a bigger house, imposing a greater cost to taxpayers when the next storm hits.
How can this possibly be justified? Bet that the vast majority of us, almost all of whom live away from the beach, can all agree on the folly of subsidizing the insurance of larger and larger beachfront properties that only incentivizes owners to rebuild bigger and bigger, ultimately costing us more and more.
https://townhall.com/columnists/patrickmichaels/2019/08/17/should-taxpayers-subsidize-more-and-more-destruction-n2551758
Anyone trucking the family on serial pilgrimages to the Atlantic and the Gulf Coast can see that beach houses are getting bigger and bigger, especially after hurricanes strong enough to cause major destruction.
"[T]hese homes [are] built back bigger in places known to be vulnerable to coastal hazards.
In high season this summer, there were big beachfront homes going for over $40,000 per week on Pine Island, North Carolina, on the Outer Banks.
The bigger the home, the more income it generates, and the higher its replacement cost when the next big storm mows it down.
Nowadays each of those repetitive losses tend to be replaced by a bigger house, imposing a greater cost to taxpayers when the next storm hits.
How can this possibly be justified? Bet that the vast majority of us, almost all of whom live away from the beach, can all agree on the folly of subsidizing the insurance of larger and larger beachfront properties that only incentivizes owners to rebuild bigger and bigger, ultimately costing us more and more.
https://townhall.com/columnists/patrickmichaels/2019/08/17/should-taxpayers-subsidize-more-and-more-destruction-n2551758
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