Higher high tides, supercharged by rising sea levels, could flood all or parts of an estimated $34 billion worth of real estate along the nation’s coasts within just 30 years, a new report concludes.
As much as 4.4 million acres could fall below the shoreline boundaries that mark the line between private property and public land by 2050, a number the report estimated would double by 2100. The majority of that land in 2050 – 3.8 million acres – lies in just four states: Louisiana, Florida, North Carolina and Texas.
They calculated the exposed tax-assessed value for properties that could be newly affected by higher water and multiplied the value of each property by the fraction forecast to be below the line. They used an entire building’s value when any of the building is at or below the line. “Climate change impacts are real,” said Mark Rupp with the Georgetown Climate Center at Georgetown University. “They are happening now, and they are affecting even the business world.
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