![]() The city of Miami approved a bond offering that would include about $200 million for projects to prevent flooding and mitigate sea-level rise.Įven so, Zillow estimates that by the end of the century, nearly half a million Miami homescould be submerged. ![]() Miami Beach is eyeing $500 million in infrastructure upgrades, installing 80 new pumps over a decade to redirect floodwaters back to the ocean. Catfish and even an octopus have been spotted in the floodwaters, as storm drains operate in reverse. Locals are increasingly finding even inland streets flooded during high tide - the rising Atlantic Ocean sluicing through the porous limestone that South Florida is built upon. Eighty percent cash down payments became the new thing - and often sight-unseen: About 5 percent of South Florida foreign buyers snapped up local homes without even visiting 18 percent bought with just one visit.īut accompanying this giddy ascent has been a gurgling anxiety at sea level. assets and a piece of the sun-kissed Miami dream. The notoriously boom-bust region was bailed out by foreign investors, who desired hard U.S. ![]() In the aftermath of that collapse, Miami's skyline was dominated by half-empty buildings and idled cranes condo associations had trouble collecting fees, and billboards advertised lawyers who swore they could wrest back your security deposit. Visit South Florida and you would have no idea this boomtown was a subprime war zone just a decade ago. Many are in it for the relatively short-term investment, then they'll try to sell before climate change takes its toll, observers of the local market say. But that hasn't stopped foreign investors from shelling out big dollars for Miami real estate. ![]() The seas are rising, frequently flooding the streets even when no storms are on the horizon. ![]()
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