Affordable coastal living in much of Florida is becoming a thing of the past — thanks to climate change. After Hurricane Ian battered middle-class communities last fall in Fort Myers Beach and Cape Coral, along the southern Gulf Coast, many people of modest means have been unable to rebuild their houses to modern building codes — even if they had insurance, Zack Colman reports. That’s driving out people from neighborhoods where, just decades ago, residents such as teachers and firefighters could afford homes blocks from the beach. Those moving in include wealthy people who are still willing to pay — in cash — for waterfront real estate in a disaster-prone area. “The whole beach is going to change completely,” said former Fort Myers Beach resident Katherine Light. In May, she sold her parcel — which once held a powder-blue cottage on white stilts — for nearly four times what she had paid for it in the ‘90s. But even that price — $525,000 from a developer — isn’t on the high end. Some tracts are going for more than $1 million. And, Zack reported, at least one Redfin listing credited last year’s hurricane for creating a “big opportunity” for buyers seeking “choice building sites.” In an interview with Power Switch, Zack said one of his biggest takeaways from his reporting was that well-intentioned policies have serious social consequences. “Flood insurance in risky places should be pricey,” he said. “Older homes should be updated with more resilient current codes.” But government regulations and insurance plans aren’t stopping people from living in dangerous areas, he said. They’re just creating an environment where wealthy people or investors can self-insure or transform what had been residential single-family homes into vacation rentals. That may save taxpayer dollars, but it also alters the social fabric of these communities. The average payout for Hurricane Ian victims, as of July 7, was $92,000, Zack said. Even the national flood insurance payment max of $250,000 is too low to rebuild in southwest Florida, he said, especially given newer building codes that reflect the stringent requirements. “It's difficult to see how anyone whose home was substantially damaged could rebuild,” Zack said. “And I suppose that's why many sell, or debate whether they can stick it out in dinged-up or mold-infested homes until their insurance saga settles.”
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