Real Estate 101: Greed, Stupidity and Government

topsail island.jpgHere is a remarkable story about greed and stupidity: Topsail Island in North Carolina is a sandbar, coming and going with the tides and the weather. Nobody with a brain in their head would build there but the government builds roads and provides flood insurance so the developers move in and sell houses to people who ultimately can turn to the government to bail them out when the next hurricane washes their house away. Real estate development cannot exist without government infrastructure investment- the roads, the services, the sewers and water. Where we live everyone complains about sprawl but there wouldn't be any if the government had not built a pipe you can drive a bus through to carry crap and dump it into Lake Ontario. In North Carolina they are building hurricane bait knowing full well that it is a good investment, Uncle Sam will back them up. Enough. The Wall Street Journal often gets it wrong but didn't this time. ::Wall Street Journal

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