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Why Miami's Building Waterfront Condos to Combat Rising Sea Levels

In a state with no income tax, the revenues from luxury homes fund infrastructure to keep the sea at bay.

Argentine developer Alan Faena recently listed the most expensive condo in this city’s history at $55 million. The Mid Beach penthouse features a private elevator, an infinity pool, an uninterrupted view of the Atlantic.

 

The catch: The tower stands on what scientists call one of America’s most vulnerable floodplains.

But Miami Beach needs this penthouse — and many more like it. 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. Approval of these luxury homes on what environmentalists warn is global warming quicksand amounts to a high-stakes bet that Miami Beach can, essentially, out-build climate change and protect its $27 billion worth of real estate.

The move makes budgetary sense in a state with no income tax: Much of South Florida’s public infrastructure is supported by property taxes.

 

Daniel Luzer is GOVERNING's news editor.
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