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City and County Governments issue permits for housing, and that includes in flood prone areas.

State, County and City Governments issue building codes and building code compliance affects insurance rates.

The majority of county and city government revenue comes from property taxes. A collapse in housing prices would devastate most local governments.

State and Federal government regulates insurance.

So, government allows housing to be built in flood prone areas, issues building codes that allow buildings to be built that will not withstand hurricanes, has a subsequent withdrawal by insurance because of the severity of claims after hurricanes, which ultimately leads to the collapse of local governments. Sounds like a government problem to me.

Another big issue down here is that government had regulations where HOA’s for condos were required to have reserves for maintenance but allowed HOA members to vote on whether to actually collect them. The result is that very few condo HOA’s have maintenance reserves. So then an apartment collapses in Miami that makes the national news, so the State changes the law to say that the remaining life of the components of a building and the cost of maintenance needs to be performed every few years by a licensed 3rd party contractor, and HOA’s can no longer vote to not collect the funds. This law just went into effect, and Condos have until Jan 1, 2025 to have the audits and reserves. What this means is that 90% of the condos in Florida are going to have special assessments within a year that will be massive because of all the deferred maintenance, and people won’t be able to sell because the special assessment may cost more than the condo itself. This will lead to a massive collapse in the value of condos in Florida, which may also bankrupt a lot of cities and counties.