If cities were stocks, you’d want to short Phoenix.

phoenix
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Of course, it’s an easy city to pick on. The nation’s 13th largest metropolitan area (nudging out Detroit) crams 4.3 million people into a low bowl in a hot desert, where horrific heat waves and windstorms visit it regularly. It snuggles next to the nation’s largest nuclear plant and, having exhausted local sources, it depends on an improbable infrastructure to suck water from the distant (and dwindling) Colorado River.

In Phoenix, you don’t ask: What could go wrong? You ask: What couldn’t?