Why isn’t the bond market more worried about climate change?

HENRY GRABAR / SLATE – Early this month, when the annual king tide swept ocean water into the streets of Miami, the city’s Republican mayor, Tomás Regalado, used the occasion to stump for a vote. He’d like Miami residents to pass the “Miami Forever” bond issue, a $400-million property tax increase to fund seawalls and drainage pumps (they’ll vote on it on Election Day). “We cannot control nature,” Regalado says in a recent television ad, “but we can prepare the city.”

Miami is considered among the most exposed big cities in the U.S. to climate change. One study predictsthe region could lose 2.5 million residents to climate migration by the end of the century. As on much of the Eastern Seaboard, the flooding is no longer hypothetical. Low-lying properties already get submerged during the year’s highest tides. So-called “nuisance flooding” has surged 400 percent since 2006 …

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