Florida's Nightmare Scenario

Climate change poses ‘nightmare scenario’ for Florida coast, Bloomberg warns


American's trillion-dollar coastal property bubble could burst "before the sea consumes a single house".
When Cason first started worrying about sea-level rise, he asked his staff to count not just how much coastline the city had (47 miles) or value of the property along that coast ($3.5 billion). He also told them to find out how many boats dock inland from the bridges that span the city’s canals (302). What matters, he guessed, will be the first time a mast fails to clear the bottom of one of those bridges because the water level had risen too far.
“These boats are going to be the canary in the mine,” said Cason, who became mayor in 2011 after retiring from the U.S. foreign service. “When the boats can’t go out, the property values go down.”
If property values start to fall, Cason said, banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. Those properties make up a quarter of the city’s tax base; if that revenue fell, the city would struggle to provide the services that make it such a desirable place to live, causing more sales and another drop in revenue.
And all of that could happen before the rising sea consumes a single home.

Comments

Post a Comment

Popular posts from this blog

Alaska Crushes Record For Hottest December

Image
Alaska crushes record for hottest December as Arctic sea ice hits record low In its hottest December ever recorded, Alaska was a stunning 15.7°F above the 20th century average. And the year ended with Arctic sea ice hitting an all-time record low. While the East Coast had a cool December and New Year’s week, Alaska baked. Last Tuesday, Anchorage hit 48°F , warmer than southern cities from Atlanta and Jacksonville to Houston and New Orleans. The National Oceanic and Atmospheric Administration (NOAA) reported this week that Alaska averaged 19.4°F for the month, topping the previous record (1985) by a whopping 2.1°F. “That’s really quite astonishing,” said Rick Thoman, the National Weather Service’s climate sciences and services manager for the Alaska region. As he explained to the Anchorage Daily News , “Usually you’re breaking those by a tenth of a degree or two-tenths of a degree.” The Arctic as a whole was so warm in December that Arctic sea ice set a new end-of-year record lo
Read more

The World My Grandchildren Will Inherit

Image
I went to a presentation at the University of Washington by Professor Raftery of the Statistics and Sociology Departments of a recent paper of his and colleagues (Alec Zimmer, Dargan M.W. Frierson, Richard Startz, and Peiran Liu) in the Journal Nature, entitled Less than 2 °C warming by 2100 unlikely   (link behind a paywall) . Their paper is a response to a need to provide a statistical forecast for global temperatures.  What the IPCC has previously provided are "scenarios" based on "expert" thinking.  Raftery has previously developed statistical methods for estimating world-wide migration patterns that has been adopted by the United Nations.  At the presentation he presented a statistical model for forecasting global temperatures. Their result is a 90% interval forecast of 2 to 4.9 degrees Centigrade with a median of 3.2 degrees. Their backtesting strongly supported the median.  He also  said " that the data suggested that future improvements in ca
Read more