So while the upfront costs are significant they are hardly insuperable. Especially in the case of hedge funds, for whom the program seems to have been specifically designed. And there’s one other crucial detail. If you own or rent a seafront property as a place of business, you are legally required to provide an easement so that would-be sunbathers and swimmers can access the beach. For a 90-percent, across-the-board reduction in your tax bill, that seems like a reasonable tradeoff.