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Global warming meets mortgage meltdown.
We've all seen what happens when we refuse to accept
the risks of living below sea level.
Use the federal government's terrific (and terrifying)
eminent
domain powers to seize low lying areas, which will
eventually
be lost due to global warming
anyway, thus creating a
massive squeeze on real estate availability, and solving
the
mortgage crisis.
Eminent domain
http://en.wikipedia...wiki/Eminent_domain
also known, in jurisdictions which eschew to a greater extent obfusticatory nomenclaturisation of legal principles, as "Compulsory Purchase" [calum, Oct 26 2011]
Ocean front properties in Brownville, ME
http://flood.firetr...5,-69.0189&z=8&m=60
[Klaatu, Nov 15 2011]
Floating City
http://science.hows...l/floating-city.htm
[theircompetitor, Nov 16 2011]
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Annotation:
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Wait - even under eminent domain, doesn't the
government have to pay for the seized land? |
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yes, which would be a legal -- rather than an extra
legal -- way to get this property off the books. |
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Yes, it does… in money it prints itself, or borrows in the market
at preferential rates. |
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A truly innovative approach to equity erosion. |
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At least the coral reefs could recover some footing. |
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So, the government will ease the debt crisis by borrowing more money but, unlike other such schemes, this one has the government dumping the borrowed money into the ocean? |
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Please target the epicenter of this man-made natural
disaster on Brownville, Maine. I have some grossly
undervalued property I need to unload. |
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There are three reasons why this is both a good and bad idea. |
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1) eminent domain - Oh My Gods! The Cookie Monster is taking
on Scooter in a UFC match right now. |
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//Please target the epicenter of this man-made natural
disaster on Brownville, Maine. I have some grossly
undervalued property I need to unload.// |
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You may want to hold onto that property for ocean front.
<link> |
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I think this is a splendid idea tc, but I don't think you've thought it through the whole way. As I see it, the cycle will go thusly:-
Government seizes land, leading to...
Property prices go up, leading to...
Inflation and the devaluation of money, leading to...
The government sells it's land holdings for more than it paid in order to pay off it's now devalued debt. Leading to...
Mortgage crisis again but at least the government will be solvent. Hoorah! |
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How about actually building houses underwater? This will create an entirely new property market, complete with premium options such as "Coral-Views", "Trench-Facing", "Benefits from Gulf-Stream Aspects" etc - this stimulates a construction boom, along with associated infrastructure, and in addition to all this, the term "Property Bubble" will be redefined from something with a negative connotation, into an altogether more positive one, thus solving the confidence issues and making everyone rich again almost immediately - hooray! |
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There are several "serious" attempts at getting a
floating city off the ground, pun intended |
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