Climate #gentrification
▻http://grist.org/briefly/climate-gentrification-is-coming-to-miamis-real-estate-market
▻https://grist.files.wordpress.com/2017/12/gettyimages-643415786-e1514497228836.jpg?w=1200&h=675&crop=1
Research from Harvard shows a link between elevation and price appreciation in Miami neighborhoods. Properties at higher elevations in Miami-Dade County have been increasing in value since 1971. For the most part, that’s been due to non-climate factors. But since 2000, the correlation has grown stronger.
That could be a sign of preference for properties that are more resilient to flooding. Florida has certainly seen more than its fair share of rising seas and climate-fueled storms. And 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.