This article was originally published on Inside Climate News. “High-tide flooding is eating away at the coastal property tax base just when communities need it most to adapt to climate change and repair the damage. Rising seas have already eroded coastal property values from Maine to Mississippi by billions of dollars over the past decade as buyers pay less for homes in neighborhoods where high-tide flooding is creeping in, a new report shows. The loss in property values points to a compound problem for coastal communities: Just as accelerating sea level rise forces governments to build flood walls and repair infrastructure more often, it may also eat away at the property tax base that provides many cities’ primary revenue stream for funding that very work. “This is a real negative feedback loop,” said Rob Moore, a senior policy analyst with the Natural Resources Defense Council. “If they don’t start to recognize these issues and reports like this and open their eyes to what is definitely happening, they’re going to find themselves in pretty dire straits.” The analysis, published Wednesday by First Street Foundation, estimates that property value losses from coastal flooding in 17 states were nearly $16 billion from 2005 to 2017. Florida, New Jersey, New York and South Carolina each saw more than $1 billion in losses…” Read on at: Inside Climate News.
Sea level rises, accelerated by climate change, are putting properties on the US Atlantic and Gulf coasts at greater risk of flooding, wiping billions off their values, warned a report by First Street Foundation. It revealed that, Wednesday, 17 US states reported estimated property losses of almost $16bn due to coastal flooding, while Ocean City in New Jersey suffered around $500m in lost property values. The study was the first of its kind to offer specific information about the impact of past weather events on real estate, and called for action at local and federal level.