
Originally Posted by
yankee
What The Seen said.
Again, as noted in my previous post in the Sandy Storm thread, the huge over-development of coastal America, east & west & Gulf, is due in huge part to the 1968 flood insurance subsidies that Congress passed at the behest of the developers & the builders.
Was it sound financial policy? No.
Was it sound policy in any way shape or form? Heck no.
Was it designed to generate more profits for the building industries at taxpayer expense? Heck yes, to the tune of $ 200 million per year in losses to American taxpayers who pay for the claims on these coastal structures.
If taxpayers would grow a set & make Congress end federal govt subsidized property insurance for coastal areas & let the market find its own true level, you'd see a lot of empty coastline where structures once perched. How nice would that (open space) be, for all Americans...?
Never happen, tho. If you want to know where the true answers are located in our great nation, just follow the money boyz.
Love my country, fear my govt.