I call this proposal “Flood As You Go” or “Pay As You Flood”.
The whole concept of RenewHouston is fundamentally flawed. There are some things worth borrowing money for.
Given the scale of potential looses from flooding, it makes sense to sell bonds to finance flood control in order to prevent these losses. The savings in property losses (let alone human cost) are certainly worth the interest charges.
If you follow the logic of this proposal, you should never buy a house or a car with a loan. You should save up your money for the $20,000 car or the $100,000 house and buy them when you’re middle-aged.
When the houses of supporters of this proposal flood, they’ll be the first to scream about why the city didn’t do anything to prevent it!
My recommendation: Don’t vote for it!