A house sitting on low-lying land on the coast in Southern California can cost millions of dollars but over the course of a 30-year mortgage, as the sea level rises, it could also become uninhabitable.
Hundreds of coastal communities in the U.S. face a similar situation. As high tides reach farther inland, chronic flooding is becoming more common. A 2018 report from the nonprofit science advocacy group Union of Concerned Scientists found that more than 300,000 homes, collectively worth around $115 billion now, would be at risk of chronic flooding by 2045. But property values aren’t dropping to reflect that risk, and residents may not want to leave until their homes flood so frequently that no one else will want to buy them.
UCLA In the News March 22, 2021
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California Has A New Idea For Homes At Risk From Rising Seas: Buy, Rent, Retreat
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