Not to spark a debate on the science but it's interesting to look at the economic impacts already being felt in Coastal cities. Many of you know I'm from New Orleans and just south of there we have state commissions actually deciding which Coastal towns to abandon and which ones to direct funding to. Florida is seemingly in a similar debacle but they have significantly more wealth concentrated directly on the coastal communities.
“These boats are going to be the canary in the mine,” said Cason, who became mayor in 2011 after retiring from the U.S. foreign service. “When the boats can’t go out, the property values go down.”
If property values start to fall, Cason said, banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. Those properties make up a quarter of the city’s tax base; if that revenue fell, the city would struggle to provide the services that make it such a desirable place to live, causing more sales and another drop in revenue.
And all of that could happen before the rising sea consumes a single home.
...
Sean Becketti, the chief economist at Freddie Mac, warned in a report last year of a housing crisis for coastal areas more severe than the Great Recession, one that could spread through banks, insurers and other industries. And, unlike the recession, there’s no hope of a bounce back in property values.
Submitted April 22, 2017 at 11:50AM by MasterCookSwag http://ift.tt/2ofFnEY
