Climate change = capital
As I discover news events consistent with the mission of this site, I will reference, link, and explain the significance of the event.
New York City Mayor Bill DeBlasio just announced a $10 billion program to protect lower Manhattan from the rising waters of climate change. The article, Climate Change, How Can Manhattan be Protected? Make it Bigger by William Neuman and Jeffrey C. Mays, March 15, 2019. Catch this:
The plan is similar to a 2013 proposal by Mr. de Blasio’s predecessor, Michael R. Bloomberg, who called for creating a development, much like Battery Park City, along the East River, which would have been at least partly financed by developers interested in building residential or office towers on the new land. (Emphasis is mine.)
Get it? In effect, Manhattan expands but the deal includes the infrastructure to protect the vulnerable southern tip of Manhattan. Mayor DeBlasio’s last development scheme, Amazon’s second headquarters, blew up when the surrounding community protested.
Draw your own conclusions but notice that, in effect, a comprehensive plan will be required, the rest of the city may feel neglected, the price tax (likely to explode) = $1,250 per resident of NYC. Miami recently floated a $450 million bond issue for flood control. The infrastructure costs in response to climate change will be a central theme of this blog.