After Sandy, a Taxpayer Bailout for Flood-Prone Developments?

The catastrophic damage left by Hurricane Sandy has once again underscored the costly shortcomings of the way we—that is, federal taxpayers—insure property owners against the monster storms that are becoming ever more predictable as the planet warms and sea levels rise. Storms, not terrorists, present the biggest threat to the coastal cities and communities that are home to more than half of all Americans—not to mention critical conduits for international trade. And yet the ...