New research shows Florida is more at risk from flooding linked to climate change than any other U.S. state. Billions of dollars could flushed away with sinking coastal property in the coming decades, but that, surprisingly, does not seem to to stop investors from pouring cash in the peninsula.
Miami Beach, a hot tourist destination and playground for millionaires and celebrities, is already struggling to keep rising waters at bay. Flooding inundates many streets at high tide, whether or not it is raining. In fifteen years, close to 70 billion dollars of additional Florida properties could be at risk of high tide flooding, according to a report on the potential impact of climate change by a team of American business experts.
Despite the clear risk, ocean views still draw in buyers. An eight-bedroom penthouse on Miami Beach sold for 60 million dollars in September, breaking real estate records.
CCTV’s Nitza Soledad Perez found out why: many residents in Miami prefer to avoid the topic of climate change, and simply hope for the best, while investors are betting on Miami officials for keeping the city afloat.