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.

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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.

 

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Daniel Luzer is GOVERNING's news editor.
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