Values of seemingly safe houses several blocks from the water are hurting as well.
Several recent studies have shown that impacts from flooding – from water in the basement to inundated streets – already have hamstrung property prices and cost Hampton Roads homeowners hundreds of millions of dollars in lost or unrealized values.
A group of university economists published a study this summer showing that severe storms – which scientists say have become stronger and more frequent in recent years due to climate change – can have a meaningful impact on property value and how long a home spends on the market in Hampton Roads.
Properties in high-risk areas declined in value after major storms and stayed on the market longer – and not just in the initial aftermath.
In related news, UN IPCC released report illustrating we have 12 years to stop global warming at + 1.5C.
The world’s leading climate scientists have warned there is only a dozen years for global warming to be kept to a maximum of 1.5C, beyond which even half a degree will significantly worsen the risks of drought, floods, extreme heat and poverty for hundreds of millions of people.
It’ll be interesting to see if stakeholders in Virginia Beach find the will to mitigate climate change & sea level rise impacts so it can exist another 50 years.