Rising seas that inundate coastal properties cause billions of dollars in damage and essentially have bankrupted FEMA. You and I ( the country's taxpayers) fund the National Flood Insurance Program, and the program heavily subsidizes waterfront homeowner's flood insurance most of whom are extremely wealthy.
But starting October 1 of this year, those subsidies are about to change as insuring waterfront housing becomes riskier and riskier to taxpayers and private Insurers due to sunny day flooding, storm surge, and heavy rain from coastal and inland storm systems. Primarily, the residents of the coast will be most affected and feel the most pain.
The squawking from politicians has already begun with New Jersey Senator Bob Menendez and New York Senator Chuck Schumer, the loudest so far.
The approach threatens home values. In Florida, the cost of flood insurance will be ten-fold. In case anyone is curious, if your driver's license says you live in Florida, you live in a flood zone.