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‘Climate gentrification’ is coming to Miami’s real estate market.
If real estate values start to decrease rapidly for high-risk properties ... Parts of 40 states, including Arizona, have been colder than Anchorage so far. And earlier this month, Sitka, Alaska, set a new record for the warmest low temperature ever ...
That could be a sign of preference for properties that are more resilient to floodingFlorida has certainly seen more than its fair share of rising seas and climate-fueled stormsAnd nationwide, coastal homes at risk of inundation are beginning to lose value.
Climate gentrification — a new phrase to describe climate change’s transformation of real estate markets — could have huge repercussions. If real estate values start to decrease rapidly for high-risk properties, we could be on the cusp of a foreclosure crisis, Harvard researchers say.
In addition, wealthy people might crowd mixed-income areas, pushing out longtime residents. “People’s lives, their livelihoods, and their culture” are at stake, Mustafa Santiago Ali, senior vice president of the Hip Hop Caucus, told CBS.
Guess it’s time for a new addition to our ever-expanding climate change vocabulary.
2 days ago
(Photo by: Arterra\/UIG via Getty Images)","created_timestamp":"1452964476","
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