The Nightmare Scenario for Florida’s Coastal Homeowners – Bloomberg
Article Synopsis – Due to the effects of sea level rise, South Florida could be on the verge of a housing crisis 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. When property values start to fall, the banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. If that tax revenue is lost, cities would struggle to provide services to their residents, causing more sales and another drop in revenue. And all of that could happen before the rising sea consumes a single home. The effects of climate-driven price drops could ripple across the economy. To read the actual article click here.