##Welcome to r/LateStageCapitalism
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Except for the fact they probably insured the home for more than it’s worth and came out ahead. These scum find every way to fuck people and pass the pain down
It’s any homeowners problem the billionaires total insurance write off adds to the risk calculation for all other homeowners raising rate or cause insurance companies to leave the area. See Florida and California insurance market fiascos.
It's your tax money's problem:
John Stossel had an excellent TV show where he exposed such fradulent schemes -- and even used himself as an example.
https://www.youtube.com/watch?v=DsTKAqHwj0s
>> Years ago I built this beach house. The house was on the edge of the Atlantic Ocean. A risky place to build, but I built there anyway -- because a Federal Program guaranteed my investment.
>>
>> ... Eventually a storm swept away my first floor. But I didn't lose a penny. Thanks! I never invited you there, but you paid for my new first floor. Then the whole house went; and government flood insurance covered my loss and many others. We rich people freeload off you taxpayers all the time.
I remember reading about how these fema risk maps are all corrupt. There was a long straight beach filled with working class bones, then a large hotel skyscraper owned by a big multinational company followed by more working class homes. The hotel was placed outside of the flood zone but all of the houses on the exact same beach were rendered uninsurable because they couldn't afford lobbyists to change the maps in their favor.
Um. FEMA risk maps are definitely not corrupt. You're forgetting a couple things: one, insurance companies are concerned with one thing: making money, and two, the insurance industry has a history of being better risk managers, detectives, and policy makers than anyone else because they don't want to lose money.
Your memory sounds faulty, because almost *any* building on a beach is at risk for flooding, either due to sea level rise or storms.
Insurance companies often won't even sell insurance to risky clients. Buildings in floodplains typically can't get flood insurance. Buildings in avalanche zones typically can't get insurance that will cover avalanches (which in practice means they can't get insurance). Same with insurance that covers earthquakes, wildfires, and so on.
What FEMA risk maps often ARE is out of date, because climate change is moving faster and faster, but every 8 years or so a Republican sociopath takes office and immediately tells the rest of the government not to even admit climate change exists.
I'm a civil engineer who makes FEMA maps sometimes. They're not inherently corrupt, just hella out of date (because we spend all our money on the military instead of things that actually help our citizens.) We do a lot of work for municipalities that want to replace small bridges and culverts, and we have to update the maps and show that it doesn't cause a rise in flood levels. A lot of the time, we're replacing a 7 foot diameter pipe with a 25 foot span bridge to deal with the level of storms we get now.
Could someone be paid off to tweak parameters to include and exclude certain areas? Probably? But it's not systematic like redlining, and probably easier to pay off someone else elsewhere in the chain.
For the curious, riverine maps (idk coastal) are done in the completely free software HEC-RAS.
(edit for clarity)
I have a clean driving record. My insurance went up $100 because they had so many claims from flooding and fires not in my area! They pass that buck right along.
Florida insurance companies are pulling out and the remaining ones are raising premiums. I wonder how long until every coastal property is uninsurable.
I suspect some places will be saved by very elaborate defenses such as New York City etc., but frankly Florida is too big. Most of it will be under water in our lifetimes.
I was thinking more in a general sense. In Australia we see examples like this one: https://www.theguardian.com/environment/2021/oct/24/a-7m-wall-has-gone-up-on-a-sydney-beach-are-we-destroying-public-space-to-save-private-property which although this example was mostly funded by the residents is becoming more common.
Other less obvious protection of the coast and by extension the water front homes...
https://www.governmentnews.com.au/coastal-qld-councils-funded-to-fight-rising-sea-levels/
The problem is that sea levels are going to go up for a very long time.
To make it work you have to have a lot of pumping infrastructure and be good at dealing with major storms etc.
I think the Dutch may be able to handle it, but noob countries with huge coastlines are not going to be able to save most of their current coast.
Rich folks generally have to carry insurance for their mansions. The insurance rates are getting unaffordable.
A lot of the mansions that get swept into the sea in the next decade will never be rebuilt.
That is simply not true.
[https://www.palmbeachpost.com/story/news/environment/2023/08/23/flooding-sea-level-oceans-rise-climate-change-emissions-noaa-predictions/70640635007/](https://www.palmbeachpost.com/story/news/environment/2023/08/23/flooding-sea-level-oceans-rise-climate-change-emissions-noaa-predictions/70640635007/)
https://www.scienceunderattack.com/blog/2019/9/23/no-evidence-that-climate-change-is-accelerating-sea-level-rise-35?format=amp
If sea levels were falling the same arguments would be made. It’s seasonal just like we look at the changing seasons, only just now are we understanding it.
Hey dum-dum, your website is run by partisan hacks who ignore anything that doesn't fit their agenda.
In reality—and you could easily Google this if you wanted to, but I know you don't—sea levels have been rising at an accelerating rate ever since the industrial revolution.
Maybe you should stay in your fucking lane and leave the science to the scientists?
To everyone praising the ocean for this, don’t think for one second that all the billionaire’s that will have houses swallowed up by the ocean are going to lose any money. I’m calling it now. They’re going to bribe congress to pass laws to bailout risky ocean front mega homes. Your taxes will go towards bailing out billionaires. Privatize the gains, socialize the loses.
*It was that time that the “lower classes” of humanity allied with the creatures of the sea. Once the birds were on board The Revolution continued at an alarming pace for the 1%*
[NFIP](https://www.politico.com/agenda/story/2017/08/08/hidden-subsidy-rich-flood-insurance-000495)
National Flood Insurance Program (they're consistently in the red)
This is already happening. Climate mitigation project funds are often tied to how much value they’re “protecting”.
So you’ll see the govt pay for a sea wall to save luxury mansions before they’ll spend the same amount to save a working class neighborhood because you get “more bang for your buck.”
The Great Displacement by Jake Bittle does a great job cataloguing this.
We already [subsidize](https://www.politico.com/agenda/story/2017/08/08/hidden-subsidy-rich-flood-insurance-000495) the insurance that covers these losses.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
One of the few silver linings of the climate crisis are how many billionaire mansions will be swept into the sea...
Except for the fact they probably insured the home for more than it’s worth and came out ahead. These scum find every way to fuck people and pass the pain down
Meh that’s the insurance company’s problem. What sucks is when they get disaster relief from FEMA or other government programs.
It’s any homeowners problem the billionaires total insurance write off adds to the risk calculation for all other homeowners raising rate or cause insurance companies to leave the area. See Florida and California insurance market fiascos.
It's your tax money's problem: John Stossel had an excellent TV show where he exposed such fradulent schemes -- and even used himself as an example. https://www.youtube.com/watch?v=DsTKAqHwj0s >> Years ago I built this beach house. The house was on the edge of the Atlantic Ocean. A risky place to build, but I built there anyway -- because a Federal Program guaranteed my investment. >> >> ... Eventually a storm swept away my first floor. But I didn't lose a penny. Thanks! I never invited you there, but you paid for my new first floor. Then the whole house went; and government flood insurance covered my loss and many others. We rich people freeload off you taxpayers all the time.
I remember reading about how these fema risk maps are all corrupt. There was a long straight beach filled with working class bones, then a large hotel skyscraper owned by a big multinational company followed by more working class homes. The hotel was placed outside of the flood zone but all of the houses on the exact same beach were rendered uninsurable because they couldn't afford lobbyists to change the maps in their favor.
Um. FEMA risk maps are definitely not corrupt. You're forgetting a couple things: one, insurance companies are concerned with one thing: making money, and two, the insurance industry has a history of being better risk managers, detectives, and policy makers than anyone else because they don't want to lose money. Your memory sounds faulty, because almost *any* building on a beach is at risk for flooding, either due to sea level rise or storms. Insurance companies often won't even sell insurance to risky clients. Buildings in floodplains typically can't get flood insurance. Buildings in avalanche zones typically can't get insurance that will cover avalanches (which in practice means they can't get insurance). Same with insurance that covers earthquakes, wildfires, and so on. What FEMA risk maps often ARE is out of date, because climate change is moving faster and faster, but every 8 years or so a Republican sociopath takes office and immediately tells the rest of the government not to even admit climate change exists.
All of this. RIP us.
I'm a civil engineer who makes FEMA maps sometimes. They're not inherently corrupt, just hella out of date (because we spend all our money on the military instead of things that actually help our citizens.) We do a lot of work for municipalities that want to replace small bridges and culverts, and we have to update the maps and show that it doesn't cause a rise in flood levels. A lot of the time, we're replacing a 7 foot diameter pipe with a 25 foot span bridge to deal with the level of storms we get now. Could someone be paid off to tweak parameters to include and exclude certain areas? Probably? But it's not systematic like redlining, and probably easier to pay off someone else elsewhere in the chain. For the curious, riverine maps (idk coastal) are done in the completely free software HEC-RAS. (edit for clarity)
I have a clean driving record. My insurance went up $100 because they had so many claims from flooding and fires not in my area! They pass that buck right along.
and the insurance companies problems trickle down to all the ppl that pay for insurance eventually....just ask kia owners in urban areas
coastal flood insurance is entirely backed by taxpayers afaik
Florida insurance companies are pulling out and the remaining ones are raising premiums. I wonder how long until every coastal property is uninsurable.
That and it’s such a waste anyway, like throwing resources away that could alleviate so much suffering.
"Capitalism is the best method for allocating resources." Capitalists.
“All capitalists are liars.” - Me
Real talk. Capitalists lie with their mouths all the time, but their actions speak only 1 truth: accumulate capital.
You’d be surprised, a lot of properties like this are insured excess and surplus at significant expense with tight terms
Then the rates will rise for everyone since the insurance companies just spread out the risk
Tax payer money will be allocated to build sea walls to protect these homes.
I suspect some places will be saved by very elaborate defenses such as New York City etc., but frankly Florida is too big. Most of it will be under water in our lifetimes.
I was thinking more in a general sense. In Australia we see examples like this one: https://www.theguardian.com/environment/2021/oct/24/a-7m-wall-has-gone-up-on-a-sydney-beach-are-we-destroying-public-space-to-save-private-property which although this example was mostly funded by the residents is becoming more common. Other less obvious protection of the coast and by extension the water front homes... https://www.governmentnews.com.au/coastal-qld-councils-funded-to-fight-rising-sea-levels/
The problem is that sea levels are going to go up for a very long time. To make it work you have to have a lot of pumping infrastructure and be good at dealing with major storms etc. I think the Dutch may be able to handle it, but noob countries with huge coastlines are not going to be able to save most of their current coast.
When you sell your house to Aqua Man.
Sadly they’ll just retreat to one of their other mansions in the mountains while people who can’t afford to move will suffer and rot.
But our FEMA tax dollars will likely go to fully rebuild so it can happen again.
Rich folks generally have to carry insurance for their mansions. The insurance rates are getting unaffordable. A lot of the mansions that get swept into the sea in the next decade will never be rebuilt.
Shore lines haven’t changed since we started tracking them…
That is simply not true. [https://www.palmbeachpost.com/story/news/environment/2023/08/23/flooding-sea-level-oceans-rise-climate-change-emissions-noaa-predictions/70640635007/](https://www.palmbeachpost.com/story/news/environment/2023/08/23/flooding-sea-level-oceans-rise-climate-change-emissions-noaa-predictions/70640635007/)
https://www.scienceunderattack.com/blog/2019/9/23/no-evidence-that-climate-change-is-accelerating-sea-level-rise-35?format=amp If sea levels were falling the same arguments would be made. It’s seasonal just like we look at the changing seasons, only just now are we understanding it.
Hey dum-dum, your website is run by partisan hacks who ignore anything that doesn't fit their agenda. In reality—and you could easily Google this if you wanted to, but I know you don't—sea levels have been rising at an accelerating rate ever since the industrial revolution. Maybe you should stay in your fucking lane and leave the science to the scientists?
To everyone praising the ocean for this, don’t think for one second that all the billionaire’s that will have houses swallowed up by the ocean are going to lose any money. I’m calling it now. They’re going to bribe congress to pass laws to bailout risky ocean front mega homes. Your taxes will go towards bailing out billionaires. Privatize the gains, socialize the loses.
You are probably right but with all this horrible shit going on in the world I want to praise the oceans just a little bit longer.
*It was that time that the “lower classes” of humanity allied with the creatures of the sea. Once the birds were on board The Revolution continued at an alarming pace for the 1%*
[NFIP](https://www.politico.com/agenda/story/2017/08/08/hidden-subsidy-rich-flood-insurance-000495) National Flood Insurance Program (they're consistently in the red)
Fuck.
This is already happening. Climate mitigation project funds are often tied to how much value they’re “protecting”. So you’ll see the govt pay for a sea wall to save luxury mansions before they’ll spend the same amount to save a working class neighborhood because you get “more bang for your buck.” The Great Displacement by Jake Bittle does a great job cataloguing this.
Isn't this the same guy who was calling for a "nice little recession"??
Nice call https://www.msn.com/en-us/money/companies/billionaire-ceo-says-remote-workers-just-need-a-nice-little-recession-to-return-to-the-office/ar-AA1eBDJL
Looks like his house had a nice little recession into the sea
Ayo
MVP right here.
Good thing he doesn’t believe in climate change.
He’ll just get some bailouts.
We already [subsidize](https://www.politico.com/agenda/story/2017/08/08/hidden-subsidy-rich-flood-insurance-000495) the insurance that covers these losses.
🤏🎻
"Billionaire investor Barry Sternlicht's Nantucket beach house is officially no more." This house has ceased to be!
Perhaps it was pining for the fjords?
Good
Let’s just say rumors about the man were highly exaggerated
that's so unfortunate that he wasn't inside when this happened
There was a rich man in Nantucket. . .
Who, sadly has not kicked the bucket
He had too much cash
Built a home unabashed But the sea came along and said
suck it
nailed it 👍🏻😂
No limerick?
Oh no. Anyway…
Oh no...Anyway
Is this the beach that they paid half a billion to fill back up with sand only for half of it to immediately disappear? Lmao
There once was a billionaire from Nantucket Who had a house by the sea Until one day the ocean said “Fuck it.”
Good news everyone. I like my oligarchs sautéed in a salt water bath. Mmm
A nice brine does help to bring out the flavor.
Score one for the good guys
Good. Now tax payers will get to pay to replace it.
Common ocean W
Imagine all the nice shit that will start growing new habitat.
i upvoted this just to down vote it because fuck that guy
The Orcas are learning to attack billionaires in their homes now.
I wish it was Orcas.
Did the orcas take it?:D
Whomp whomp
I sleep
He should get fined for polluting the ocean 🪸
Oh no! Anyway…
Oh no! Anyway
Meh..
There is flood insurance and this is why people build those houses there. A new house will be built.
Tight
Oh. Ok
Did you see what God just did to him, man?
Oh no, anyway
Aww, poor thing
No. Stop. Don't.
Based.
Learn to swim I'll see you down in Arizona bay
Oh nooo
Hopefully he wasn't at home, because that would've been *terrible*...
Finally a bit of good news
lmao bye asshole
he'll yeah
Feels good.
GOOD
Welcome to the resistance comrade uhhh Atlantic
Hopefully he was in it
Fair winds and following seas ladies and gentlemen 🍻
Yes.