[c0nfused]

I think the issue is that when you look at it from the modern perspective of profit the economics don't work out.

If look at it as a way to spend huge piles of money to subsidize a lifestyle it suddenly is less charming

[onlyrealcuzzo]

You're spending $16B to create $1T of real estate value.

That would pay for itself in two years at 1% R/E tax and <10% interest.

I didn't read the entire article, but the reason it won't happen at this scale is because you could never acquire the property rights to be able to do it, not because it's a bad investment.