Florida's real estate nightmare: Disappearing coastlines.

[JHan]

This is an emergency, and those in charge don't care.

The Nightmare Scenario for Florida’s Coastal Homeowners

Demand and financing could collapse before the sea consumes a single house.

“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.

As President Donald Trump proposes dismantling federal programs aimed at cutting greenhouse gas emissions, officials and residents in South Florida are grappling with the risk that climate change could drag down housing markets. Relative sea levels in South Florida are roughly four inches higher now than in 1992. The National Oceanic and Atmospheric Administration predicts sea levels will rise as much as three feet in Miami by 2060. By the end of the century, according to projections by Zillow, some 934,000 existing Florida properties, worth more than $400 billion, are at risk of being submerged.

The impact is already being felt in South Florida. Tidal flooding now predictably drenches inland streets, even when the sun is out, thanks to the region’s porous limestone bedrock. Saltwater is creeping into the drinking water supply. The area’s drainage canals rely on gravity; as oceans rise, the water utility has had to install giant pumps to push water out to the ocean.

The effects of climate-driven price drops could ripple across the economy, and eventually force the federal government to decide what is owed to people whose home values are ruined by climate change.

Sean Becketti, the chief economist at Freddie Mac, warned in a report last year of a housing crisis for coastal areas more severe than the Great Recession, one that could spread through banks, insurers and other industries. And, unlike the recession, there’s no hope of a bounce back in property values.

[Sculpin Beauregard]

1. Evidence everwhere, and yet...

[JHan]

2. yep. and yet look at the way FLA votes. Let the redlining begin SMH.

There's a saying in the caribbean - "who don't hear, will feel" They've gotten enough warnings.

And I ain't gloating. What impacts florida has a ripple effect nationally.

[dixiegrrrrl]

3. Homeowners should band together and sue the Gov't for not addressing this issue

That would be cool.
ONE big hurricane will show who was right about climate change.
Fla. mostly Repubs, ya say? Goodie.

Anybody know how many feet MarLego is, from high tide?

Edited to add:
Ohhhh..I just looked at it, for the first time..It is on a narrow Island between water on west and east sides.

[JI7]

9. The people voted for a govt that ignores the issue

[hatrack]

4. For 30 years, we have known this was a real possiblity . . .

For 20 years, we've energetically kicked the can down the road.

For 10 years, we've paid generous lip service.

And for five years, we've watched the water rise higher in Miami Beach, and we're on track for flooding to become a monthly event.

And for all of that time, we've done our level best to pretend that the old game is still alive, and just now, apparently, we've found out that clapping for Tinkerbell isn't going to fucking work any more.


Surprise, surprise. Not.

[Hortensis]

5. Oh, my goodness! Not. Where masts can't clear bridges,

sailboat enthusiasts, a small minority of boaters, will purchase elsewhere. Waterfront land in balmy subtropical climates is beautiful, in high demand, and expensive. It's not going to be allowed to "disappear."

Anyone notice what's happening up north these winters? Growing weather extremes is going to mean plenty years with terrible winters in northern and inland states.

What's going to happen on much to almost all of the Florida coast, as sea levels rise, storms intensify (OR hurricanes mostly disappear--another global warming possibility) and flood insurance disappears, is that many people currently living there aren't going be able to afford to continue. That is terrible. They will sell to wealthy people and corporations and move inland.

If conservatives control governments during this critical transition, so that it's not controlled for the benefit of the people, coastal lands, with their lovely views, beaches and breezes, will become almost exclusively the purview of the wealthy, who will build sea walls and raise ground elevations. We may be among the losers. We don't know if other owners of our waterfront snowbird MH cooperative will choose to invest in elevation or sell to a developer.

Just grabbed these three off the top of a seawall Florida google:

Fort Lauderdale may require higher sea walls (no kidding! dozens of cities "may" require)
http://www.sun-sentinel.com/local/broward/fort-lauderdale/fl-lauderdale-sea-walls-20160415-story.html

Panels of fake mangroves may transform Florida’s seawalls
(not as horrible as it sounds--seawalls themselves would be an ecosystem)
http://www.sun-sentinel.com/local/broward/fl-fake-mangroves-20161223-story.html

Seawalls are vital to your waterfront property. To maintain your property value, (yada yada, one of hundreds or perhaps thousands of these already -- the seawall industry is booming)
http://www.southeastmarineconstruction.com/seawalls-0
http://www.sun-sentinel.com/local/broward/fort-lauderdale/fl-lauderdale-sea-walls-20160415-story.html

[JHan]

6. thanks for the links!

[Hortensis]

8. The links are just grabbed examples. I want ones on what

you refer to, about where this state might go politically. I'd hate it to be mostly a cautionary tale for others.

[JHan]

10. ah, I'm not sure..

In my head I was thinking of governor voldemort (rick scott)

The last time Florida had somewhat of a good chance addressing this was under Crist - who worked with some other moderates to make climate change a focal issue for florida.

I haven't looked at voting trend data in FLA since the election tho.

[hatrack]

7. Florida Gov. estimates $100-$130/linear foot for wall, plus $60-80/foot of riprap

http://www.dep.state.fl.us/southeast/erp/Permitting%20Application%20Checklists%20and%20Fact%20Sheets/Checklists/CAMA%20Notes%20Natural%20Shoreline.pdf

Call me crazy, but I think real-world costs could be just a bit higher . . .