Hurricane Chaos Hits Florida Again, Upending Its Real-Estate Market

Another hurricane is expected to hit Florida as the state continues recovering from Hurricane Helene.

Hurricane Milton, a Category 4 storm (it weakened from a Category 5, but remains “extremely dangerous”), is on track to make landfall near Tampa Bay by Wednesday. It’s the latest hurdle for the state’s volatile real-estate market.

Milton’s peak wind speeds hit 160 mph on Monday. Heavy rain is expected before the storm arrives, and flooding is anticipated throughout the region. Florida Gov. Ron DeSantis has issued a state of emergency for 51 counties, and mandatory evacuations have begun in some areas. The mayor of Tampa, Jane Castor, has also issued a stark warning that anyone who remains in the city as Milton approaches will “die.”

It’s never a good time for a hurricane to hit, but preparing for a powerful storm while you recover from another makes the situation even more challenging.

Helene caused over 220 deaths and as much as $34 billion in damage, according to an estimate from Moody’s Analytics. Meanwhile, federal agencies meant to provide emergency assistance, like FEMA and the Small Business Administration, face their own cash crises.