Miami is in a race against time to build defenses against climate change and rising sea levels—resilience projects that require property tax revenue generated from luxury developments built in the areas most at risk.
Danielle Paquette reports on the Catch-22 of Miami development, especially in the area that "scientists call one of America’s most vulnerable floodplains."
"The more developers build here, the more taxes and fees the city collects to fund a $300-million storm water project to defend the shore against the rising sea," writes Paquette.
Critics of development approvals in the floodplain question the common sense of allowing more development in neighborhoods already over-burdening their infrastructure.
Paquette goes on to detail the details of the $300 million project, which the city is implementing by borrowing against a "new stormwater utility fee on homeowners, hotels and stores." Finally, Paquette also provides more detail and anecdotes from the real estate market in Miami, especially along the receding coast.
FULL STORY: Miami’s climate catch-22: Building waterfront condos to pay for protection against the rising sea
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