Should Taxpayers Subsidize More and More Destruction?

Townhall.com ^ | August 17, 2019 | Patrick Michaels

[CheneyClone]

“Maybe I’m missing something in your question, but isn’t anything that is federally insured being paid by taxpayers?”

Yes, that is correct. I am trying to understand how a federally funded program is equated with capitalism.

[moovova]

It’s not. It was an offhanded way of poking fun at all the jobs government creates by spending money (our tax$). Coastal construction companies probably pray for hurricanes so they can latch on to the govt tit for a good long ride.

Homeowners that are taken in after a FEMA “readjustment” of a floodplain could be grandfathered in and helped out. There are also significant upfit requirements for current owners that incur damage and then rebuild, upto and including lifting the house to a higher foundation. Homeowners that build new in a floodplain should be on their own...with no FEMA insurance. A totally destroyed grandfathered home should result in one last check to the owner...and then they’re on their own also.

The main structure of our home is within 20’ of the floodplain. FEMA just LOWERED the floodplain for the entire area by 4-5 feet...a significant drop for many. It didn’t make any difference to us because we were out of it in the first place...one of the requirements we had for the lot purchase. No floodplain insurance required. We chose a lake lot over a beach lot because of the flooding issue. Our insurance carrier of 3 decades said, at the time, they did not insure anything between I-95 and the coast! So we turned our sights inland.

[Notthereyet]

I don’t know about the hotels and such...

My understanding is that when houses are being rebuilt they must include new building materials and designs that will withstand the weather that goes with the beautiful view on the coast.

That’s one of the reasons house construction shot up after the 2000s.

Me, myself? Not going to live on the coast. While I can swim fairly well, I get a wee bit nervous around that much water.

LOL

[USAF1985]

This is going to turn into a “why are people building on the coast anyway, and why should my insurance dollars pay for it?” That could be true of anything. I pay higher rates for my Hurricane insurance and a higher deductible (no, I’m not on the beach). I also pay into the National Flood Insurance Program. I could sit here and easily complain about why my money goes towards those living in the flood plains (why do they have to build there/s), or those that live in wildfire areas, or tornado alley, or in earthquake zones...but I don’t. There’s a hazard out there for anyone, and as long as you live up to the expectations of the insurance provider, you should expect to be covered for loss...no matter private or government insurance. The owner should also build to code, my house in Florida was built in 2003. 16 years and many hurricanes later-no claims yet.

[mo]

what the Feds are really insuring are the local and state tax revenue streams flowing from property and sales taxes, restaurant taxes etc. that prop up all the regional munibonds in waterfront states and cities.

THATS why the incentive for bigger replacement beach houses
Any place generating 40K per week rental revenue is taxed by the state and spins off at least that in ancillary expenditures and tax revenue locally

Its always about the cash flow-and generally into burocratic coffers

[sheana]

When the earthquake happened in Ridgecrest Ca my daughter called me and asked if we had quake insurance. We were too far away for damage but my answer was.......nope. Gonna sit here on my rear and wait for the government to come rebuild for me. I’ve paid for homes all over the country so if my house is destroyed by an earthquake....it’s my turn.

[Wm F Buckley Republican]

These luxury homes will be gobbled up by rising sea levels from global,warming.

[Truthoverpower]

My folks live in Cape May New Jersey

I’ve been all up and down the coast of all the barrier islands south of Manitoloking

I can tell you one thing that along the coast all of those houses for hundreds of miles are all worth $1 million plus and that goes for a few streets inland as well

Wildwood. Ocean city. Stone harbor. Avalon margate Benton etc

Furthermore There’s nobody in these giant mansions except for in the summer.

In the fall winter and spring all of the bustling city is in the summer Are ghost towns

So the bottom line is the state of New Jersey reaps incredible monies from these giant mega mansions which really just sit there almost all of the time and that’s how their government even exists