We Can Fix Climate ChangeOverview
Climate change is causing some of the nation’s priciest coastal real estate to lose value due to sea level rise and extreme weather. In Nantucket, a house listed for $2 million last summer sold for $600,000 after a nor’easter wiped away 70 feet of beach. On the East End of Long Island, back-to-back storms have caused flooding and erosion, putting $10 million homes at risk.
According to First Street, a climate risk data and analytics firm, there is roughly $100 billion in potential losses for 77,000 properties at significant flood risk in just 33 zip codes on the East End Gulf Coast of the U.S. Homeowners are seeing their property taxes reduced as their homes lose value, which could lead to a hit on the local economy and higher taxes for everyone.
