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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.
Coastal homes are flooding because you have destroyed the buffer zones (marshlands/swamplands) that stopped the water from entering the area. What did you think would happen when you destroy the buffer zones for housing? It has nothing to do with climate change/whatever. But no one wants to address that issue, because there is no money in it.
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.
Ahh, but what's happening to the stock prices of companies which are converting coastal properties into cool undersea bases?
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.
This is about the cost for capital, but sea level rise impact on the whole economy is likely to be much larger.
Nowhere in the article or summary does it mention anything about acceleration, or even comment on the rate of increase at all.
Meanwhile the page you linked clearly shows a steady upward trend in tide height.
=Smidge=
Oddly enough this site you link to documents that sea levels are rising, and accelerating, most everywhere, except were post-glacial rebounding is occurring (the home page helpfully mentions this -- "glacial isostatic adjustment"). A single spot like Battery Park in Manhattan only shows that Battery Park in Manhattan is not showing the long term rise to be accelerating, perhaps due to local subsidence.
Starships were meant to fly, Hands up and touch the sky - Nicky Minaj
Funny. Lots of people are disagreeing with them but I can't find where they are shooting at anyone.
I read at +2. If your post doesn't reach that level I will not see or respond to it.
This house here? the one that's three kilometres inland and 150 METRES above sea level?
Hmm...I wonder what he thinks is going to happen...
Oh, fuck you. Everyone EVERYWHERE in the world is sitting on land that someone stole from someone else at some point in history. Nobody is living somewhere their family or clan has owned since the beginning of history.
Period.
Get over this "stolen land" shit.
"Oh my God. This is terrible. This is the end of my Presidency. I'm fucked."; ~ Donald J. Trump
Well, we've certainly no shortage of Internet Tough Guys...
Il n'y a pas de Planet B.
Al Gore recently (well, a few years ago...) purchased a fairly large beachfront home here in California. That's ONE of the reasons why I discount claims that the sea level will rise more than a few inches per century.
I checked out that home on google maps and it's located at about 450 feet above sea level. I don't think sea level rise is going to cause any problems there for the foreseeable future.
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"
Yes, loss of value as well as much higher taxes are a consequence of rising seas. Your tax dollars have been supporting the alteration of military bases to cope with rising waters. Miami has a large expense already in the creation of pumping systems to keep the beach area from frequent flooding. What we are doing now should have been done 30 years ago when Al Gore made public the tragedy of rising seas. Now the second shoe will drop. As the building values drop the insurance companies will want to charge the same sums or even more for buildings that are now at half value due to threat of flooding. It also means that there will be no interest in taking new customers. Banks will not write mortgages due to flood risks which halts all new construction . As insurance companies pay out for losses the banks that own the insurance companies will become weaker. In much of Florida fresh drinking water will only occur if desalinization plants operate meaning water bills for home will sore enough to devalue existing homes and mansions. Population numbers will shift to higher areas causing all kinds of disruption and chaos. This issue is urgent beyond imagination and it is a huge enough problem that government will not be able to deal with it at all. Conservatives have effectively doomed this nation as we know it. With current sea levels it is unwise to be near any river or sea shore if a hurricane comes along. The chaos will be strongly amplified and God help us if a storm comes ashore at high tide. It will be tragic.
Different topic. Rick implied that the Chinese are shooting anyone that disagrees with them over the south china sea islands. Which is clearly not the case.
Shooting their own people, is a different matter and not what the Rick was wrongly implying.
I read at +2. If your post doesn't reach that level I will not see or respond to it.
Nobody should be undocumented. There's libraries everywhere!
#DeleteFacebook
No but they are poking at the Japanese every day in the hopes that they will fuck up and fire on them. The Chinese government are true unabashed fucking assholes of the highest order. If you believe differently you should probably study up on current events. Start by looking at thier truly dystopian face tracking, social scoring nationwide surveillance system.
I object to power without constructive purpose. --Spock
I don't believe any different. The chinese government is a problem and will have to be dealt with at some point. But we don't need to be making up stories or distorting facts to recognize this.
The facts are this. They are trying to stake claims on south china sea, that they are not entitled too. They are provoking Japan and other neighbors in the region, thus affecting the stability of the region. They are oppressing many cultures within the boarder. The Chinese are spying on many nations, including the US.
What they are not doing is shooting at every ship or plane that comes into the territory they are trying to claim. They may start doing that, but its doubtful.
I read at +2. If your post doesn't reach that level I will not see or respond to it.