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Sea Level Rise Already Causing Billions in Home Value To Disappear (axios.com)
Sea level rise may seem like a far-off threat, but a growing number of new studies, including one out this week, shows that real estate markets have already started responding to increased flooding risks by reducing prices of vulnerable homes. From a report: According to a new report by the nonprofit First Street Foundation, housing values in New York, New Jersey and Connecticut dropped $6.7 billion from 2005 to 2017 due to flooding related to sea level rise. Combined with their prior analysis of 5 southeastern coastal states with $7.4 billion in lost home value, the total loss in 8 states since 2005 has been $14.1 billion. A recent slew of studies show how the housing market is responding to the increasing risk of coastal flooding -- with billions in value disappearing as investors wake up to the systemic risk.
What is not waterfront property today, will be in the future. If I had lots of money I'd be buying it up now to resell later as increased value waterfront property.
In fact, we want to fill in those marshes and wetlands so we can build more homes close to the beach! Swamp land is so cheap that way! Buffer shmuffer, cheaper land to build - and more tax base for the city/county/State!
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
And that is exactly what happens - it has been happening in the US since the 1940s. And to make it even worse, people are building on flood plains, having their homes flood, and blaming it on "climate change". There is such a push to blame everything on climate change you have to wonder about the motivations.
Climate change is yet another of those topics that brings out the worst in this "community". Morons either outright denying the reality of CC and its horrific impacts, or other morons trying to prove how smart they are by saying things like, "The real problem isn't sea level rise its the destruction of marshes."
This place could be so much more than it is, if it weren't for the mental masturbators who can't simply accept the view of the overwhelming number of experts in a field.
Primarily rich people and real estate investors wild be hit, while the middde class homes a bit farther inland will increase in value. Win/win.
Common sense says don't build on a flood plain. Oh and stop destroying marshlands and wetlands that protect from flooding in the first place.
If you're born here, you are native.
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'
They're not responding to sea level rise, they are responding to the expiration of the federal flood insurance program.
As long as the federal flood insurance program was in place, people whose houses got flooded simply could rebuild a shiny new house at taxpayer expense again and again.
As for sea level rise, it is happening and going to continue at roughly the same rate for a couple of centuries at least, no matter what we do, so that can't be the cause of sudden changes in coastal real estate prices. Whatever the threat may or may not be, it has been priced in for years.
Furthermore, homes depreciate over about 30 years, so anything beyond that horizon is not worth worrying about.
Battery Park in Manhattan shows effectively ZERO acceleration over the last 150 years or so, but I guess that's not an exciting Gloom And Doom headline...
So Battery Park is a suitable proxy for sea level rise around the world? I think not. Meanwhile sea level measurements from satellites do show an acceleration in SLR.
Since the "native Americans" came here from Siberia 20K or so years back (except the Eskimos, who came here much more recently), that would imply that there are NO "native Americans', since their ancestors were also immigrants.
"I do not agree with what you say, but I will defend to the death your right to say it"