Why Taxpayers Are Footing the Bill for Risky Coastal Development?

A reader of mine asked the following question in a recent email: If climate change is such a threat, how come U.S. coastal properties continue to rise in value? This seems like a conundrum unless you know what is actually driving the trend. And, it's worth noting that coastal home prices in certain instances have suddenly collapsed along with the shoreline next to those homes due to coastal erosion—which, not surprisingly, increases with rising sea level. A Nantucket seaside home assessed for tax purposes just this year at $1.9 million recently…