If hundreds of houses rise dangerously close to the ocean on Oak Island, the rest of us will get the bills if they fall.

It’s we who pay the taxes that cover the costs of evacuation, cleanup and rebuilt infrastructure. We who pay taxes to pump sand onto beaches prone to rapid erosion. We who pay higher premiums for homeowners insurance. We who subsidize losses to federal flood insurance.

Understandably, the folks who own about 475 houses and 100 lots on Oak Island don’t see it that way. What they see is a state rule that prevents them from building – or rebuilding – on lots whose value has soared into the million-dollar range.

They’re supported by local officials who’d love to collect taxes on multimillion-dollar properties. (more…)