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Florida Building Collapse Hints at Future When Only Rich Can Afford Beach

  • Developers may raze flawed older sites to build luxury units
  • Massive new assessments may be too expensive for many retirees
Bloomberg business news
Florida Condo Is Demolished, Search for Victims Continues
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The deadly collapse of a condo building in Florida isn’t likely to end coastal living, but it could make it much more expensive.

Authorities still don’t know what caused Champlain Towers South to give way last month in Surfside, Florida, killing at least 46 people and leaving more than 90 unaccounted for. But early leads point to cracked concrete and frequent flooding in the building’s garage -- damage that apparently went unaddressed for years amid questions over how to fund repairs.