Tuesday, May 06, 2014

Sinking ship

The weirdest thing about the rising cost of living in New Orleans is trying to figure out when the inevitable sell-off begins.  My best guess is it hits a year or two after the last big recovery construction project ends. Maybe that's after the Hospitalplex finally opens.  Maybe that's after Mitch finally drags City Hall over to Charity. 

But leaving that aside, I also wonder when all the people pouring money into real estate here start to realize that might  not exactly be a solid long-term investment given the circumstances.
Louisiana will see billions of dollars in increased disaster costs as early as 2030 resulting from the combined effects of global warming and natural processes, according to a new National Climate Assessment report released by the White House on Tuesday (May 6).

The report also warns that sea level rise – combined with naturally-occurring subsidence – continues to threaten wetlands and land bordering the state’s most populated areas, increasing their risk from storm surges; and that sea level rise driven by human-induced global warming also threatens interstate highways, railroads, ports, airports, oil and gas facilities and water supplies.
There's got to be a point at which the water gets too damn high for the rent to get any too damn higher, right?

1 comment:

yeldarb said...

Don't be silly. You know how this works. The water will get higher and the coast will go away, but eventually the out of town one percent will have hurricane-proof floating houses with access to the flood-protected cultural zones. They'll scoot over from their waterproof compounds to enjoy real live New Orleanians, who live outside the Flooded Zone, probably in like Bogalusa, and subsist on service work in the FPCZs.

The market for those waterproof one percenter houses is gonna BOOM.