We just spent a week in the Chain of Lakes area of northern Michigan (lower peninsula). 
On a visit to friends' condominium on Lake Michigan, I came across an interesting property rights question.
Water levels in Lake Michigan have fallen over 3 feet in the last ten years.
This has created a dilemma for property owners and local officials. Prior to the lake level decrease, property owners owned nice waterfront areas that were developed into beaches (at least the owners of the condos we were visiting chose to turn their lakefront property into beach). When lake levels fell about 50 feet of marshy wetland was created...you can sort of see the new wetland in the picture above.
Now we all know that wetlands are protected. So lakefront property owners are no longer lakefront property owners, they are wetland front property owners. But they don't want to be...they want water access. So here's my question: as water levels fall, who owns the new land?
