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February 19, 2021

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Pacifica, California, and Avon, North Carolina, in the same boat?
https://www.nytimes.com/2021/03/14/climate/outer-banks-tax-climate-change.html

Will Pacifica ask to double real estate taxes also? Or will the feds pay to move houses to higher ground?

For many decades, one of the foundations of the real estate industry has been OPM--other people's money. One uses other people's money to make your money. This is often understood to mean borrowed money on which one pays interest to buy what one could not pay for with cash on hand; but it can also mean government subsidies--essentially tax money and favorable treatment by paid-for politicians--to build your personal wealth. Simple-minded facts, but no less true because of that.

Go ahead and waste the money for a seawall around which, at each end, the water will flow.

Some of these comments make me think the viewers did not watch the whole thing.
See the 9-minute mark.
-- Alan Greenberg (Grinberg)

"Using funds from tax revenues or deficit financing is harvesting some of those taxes back to the local economy."

By that metric, I can build a house on the edge of a sandy cliff on a rapidly eroding coast, and when it falls into the sea, use other people's tax money to rebuild. WOW! Free money!

My high-risk decision for my personal property will be paid for by public funds.

Well, after all the actual unavoidable disasters and public property risks like fire and road repair. There should be lots left to rebuild my house on top of the cliff and hold back the sea.

Well, personal property rights in this country aren't exactly free.
Local/state and federal bodies capture taxes on property sale proceeds.
Local & state bodies capture revenues in the form of property taxes, which go quite a way toward funding local school districts and quality of life.
Local/state/federal revenues have a direct impact on employment, GDP, and prices.

Using funds from tax revenues or deficit financing is harvesting some of those taxes back to the local economy.

If you don't use that stimulus, someone else will and you still have to pay. The best course of action here is to take that stimulus.

Look at what Jay Powell did today.
Take some of that free money and build a sea wall.

We don't solve problems, we kick them down the road. We always have.
The entire developed world has signed up for this.

WOW. Finally watched this.

So to some, the phrase "personal property rights" means: build on the edge of an eroding shoreline, and use local, state, and federal funds to rebuild your home when it falls into the sea.

Oh.

I guess it also translates to: build under or on the edge of an eroding hill, and when it comes down, you can use local, state, and federal funds to rebuild.

I guess I'll risk buying on Fassler Hill. If and when it slips, I'll just get someone else to pay.

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