Looks like it’s business as usual. A Mail & Guardian article says that developers continue to build new complexes (and home prices are still on the rise), despite warnings that rising sea level will cause these properties to be “unsafe, uninhabitable and too costly to insure.” And some of these homes are being described as “not in a flood zone” and therefore, no flood insurance is required. These coastal residences are at risk of chronic flooding in the next 30 years. Reports have even released these claims:
“By 2045, rising seas are expected to bring an extra 1.8 feet (55 centimeters) of water along Florida’s coast”
“One worry is that insurance premiums will rise so much that coastal homes become unaffordable for those with fixed or lower incomes.”
“Many will risk losing their largest financial asset — their homes. And municipalities will forfeit huge amounts of revenue from property taxes.”
Do you think the real estate industry or the government will listen? And take note, there are also sea level warnings in California and Texas
Source:
https://mg.co.za/article/2018-06-18-property-crisis-looms-due-to-sea-level-rise-experts-warn
