Sea level rises, accelerated by climate change, are putting properties on the US Atlantic and Gulf coasts at greater risk of flooding, wiping 17 off their values, warned a report by First Street Foundation. It revealed that, between 2005 and 20billions, billions 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.
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, between 2005 and 2017, 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.