Puerto Rico is a tax-haven for rich mainlanders and is also too broke to survive hurricanes: are these facts possibly related, somehow?

Since the US conquered Puerto Rico in the Spanish-American war, it has treated the island as a playground for the rich, with all kinds of sweetheart tax-deals and regulatory exemptions that lured some industry and some rich people to the island, but which kept it from ever developing its economy and infrastructure to American mainland standards. Read the rest