"Look at what’s happened in Florida — in the last two months the insurance rates have doubled, tripled, and quadrupled so much that people are now unable or unwilling to buy new homes in Florida because the insurance rates are so high... Nobody could really afford that... The government getting into subsidized insurance has been a disaster. The one area that the government has got into are [beachfront] houses for millionaires. These houses, because they’re near the ocean — there [are] hurricanes, they [are] flooded again, and again, and again. So the government will (not quite every year, but every few years) for free, keep giving a 1 million dollars to rebuild a house. 5 years later, [it will] happen again, another 1 million dollars to [rebuild] the house. The government insurance for real estate is spent for the One Percent of the population that has beachfront property and it’s utterly corrupt."
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Academics from the United StatesNon-fiction authors from the United StatesEducators from the United StatesHistorians from the United StatesEconomists from the United States
Original Language: English
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Systemic Sponsors of Self-Interest,michael-hudson.com, January 17, 2023
https://en.wikiquote.org/wiki/Michael_Hudson_(economist)
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Michael Hudson (economist)
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