Property crisis looms due to sea level rise
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Along Florida’s sun-splashed shorelines, home prices are on the rise, developers are busy building new complexes, and listings just blocks from the beach describe homes that are “not in a flood zone,” meaning no flood insurance is required. But experts warn that ignoring sea level rise won’t prevent a looming economic crisis caused by water-logged homes that will someday become unsafe, uninhabitable and too costly to insure. A reality check may come sooner than many may think, according to a report out Monday by the Union of Concerned Scientists, which finds as many as 64,000 coastal residences worth $26 billion in Florida are at risk of chronic flooding in the next 30 years, the life of a typical mortgage.
Property crisis looms due to sea level rise. (2018, June 19). BusinessWorld, p. S2/4.
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- BusinessWorld