{"id":12769,"date":"2024-01-29T15:10:21","date_gmt":"2024-01-29T15:10:21","guid":{"rendered":"http:\/\/lonecandle.com\/?p=12769"},"modified":"2024-01-29T15:10:21","modified_gmt":"2024-01-29T15:10:21","slug":"the-feds-shouldnt-subsidize-fancy-risky-beach-houses","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=12769","title":{"rendered":"The Feds Shouldn’t Subsidize Fancy, Risky Beach Houses"},"content":{"rendered":"\n

\n\n“By insuring risky property, Paul points out, “You’re actually doing the opposite of what you would think government would want to do; you’re promoting bad behavior.””
…
“Years ago, federal flood insurance encouraged my bad behavior.<\/p>\n\n\n\n

I wanted to build a house on a beach. When I asked my father to help with the mortgage, he said, “No! Are you crazy? It’s on the edge of an ocean!”<\/p>\n\n\n\n

Dad was right. It was a dumb place to build. But I built anyway, because federal flood insurance, idiotically, guaranteed that I wouldn’t lose money.<\/p>\n\n\n\n

I enjoyed my house for ten years, but then, as predicted, it washed away<\/a>.<\/p>\n\n\n\n

It was an upsetting loss, but thanks to Uncle Sam, I didn’t lose a penny.<\/p>\n\n\n\n

I’m grateful. But it’s wrong that you were forced to pay for my beach house.”<\/p>\n\n\n\n

https:\/\/reason.com\/2024\/01\/10\/the-feds-shouldnt-subsidize-fancy-risky-beach-houses\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“By insuring risky property, Paul points out, “You’re actually doing the opposite of what you would think government would want to do; you’re promoting bad behavior.””<\/p>\n

…<\/p>\n

“Years ago, federal flood insurance encouraged my bad behavior.
\nI wanted to build a house on a beach. When I asked my father to help with the mortgage, he said, “No! Are you crazy? It’s on the edge of an ocean!”<\/p>\n

Dad was right. It was a dumb place to build. But I built anyway, because federal flood insurance, idiotically, guaranteed that I wouldn’t lose money.<\/p>\n

I enjoyed my house for ten years, but then, as predicted, it washed away.<\/p>\n

It was an upsetting loss, but thanks to Uncle Sam, I didn’t lose a penny.<\/p>\n

I’m grateful. But it’s wrong that you were forced to pay for my beach house.”<\/p>\n

https:\/\/reason.com\/2024\/01\/10\/the-feds-shouldnt-subsidize-fancy-risky-beach-houses\/<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[238,683],"class_list":["post-12769","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-subsidies","tag-subsidy"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12769"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12769\/revisions"}],"predecessor-version":[{"id":12770,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12769\/revisions\/12770"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}