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Bailing out Miami

How Miami's real estate market is benefitting from rising sea levels

How Miami’s real estate market is benefitting from rising sea levels

This segment originally aired Feb. 23, 2017 on VICE News Tonight on HBO

The latest reports from the National Oceanic and Atmospheric Administration predict that sea levels are likely to rise almost three feet by the end of the century. And in South Florida, sea level rise and climate change are already having an effect on roads and drinking water.

But looking at Miami Beach’s real estate market, you wouldn’t know that the city is potentially facing a half a trillion dollars in flood damage. Shane Smith met with two of Miami beach’s top real estate brokers, Jill Hertzberg and Jill Eber, to find out what’s protecting the market. He also speaks with an insurance expert from Wharton who explains how the city’s public funds come predominantly from real estate taxes — meaning that putting more property at risk is also the very thing helping Miami deal with rising seas.

 

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