Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

hatrack

(59,553 posts)
Tue Oct 17, 2023, 08:05 AM Oct 2023

Projection: 1 Million FL Properties Will Become Chronically Flooded,W. Losses Of $619 Billion

One million Florida properties are projected to become chronically flooded: properties that today fund nearly 30% of local revenues for more than half of the state’s municipalities, according to a new study conducted by researchers at Cornell and Florida State Universities. As sea level rise drowns those properties, the state can expect to lose a combined assessed value of $619 billion this century, the study’s authors write, and that figure’s likely a significant underestimation. The study’s statewide survey also revealed that for the most part, Florida’s local government planners and managers don’t realize how drastically climate change will impact them financially.

EDIT

Right now, local revenues like property taxes are by far the largest share of funding Florida municipalities rely on for climate change adaptation efforts — especially coastal municipalities, according to the study. Coastal areas are Florida’s most at-risk, and by the year 2100, many of them could be underwater. Sea levels along U.S. coastlines are projected to rise 10 to 12 inches, on average, during the next 30 years, according to the National Oceanic and Atmospheric Administration.

Yet despite serious risks associated with living close to rising seas, Florida’s coastline remains highly attractive to homebuyers: keeping property values in those areas relatively high, and encouraging even more real estate development there. As more property tax revenues roll in, they boost local governments’ bottom line. Right now, Florida’s coastal areas generate $2.36 billion a year in property taxes for local governments; again, a low estimate, per the study.

But sea level rise is only predicted to get progressively worse, jeopardizing the future of not only those coastal communities, but the critical funding they supply for Florida’s local governments. "What’s going to happen is: we’re going to keep growing,” Butler said. “There’s going to be more people living in those at-risk coastal zones. There’s going to be more stress and strain on those existing budgets, unless we change the growth paradigm that we currently operate under. And there’s no hint that that’s currently on anybody’s mind.”

EDIT

https://www.wmfe.org/environment/2023-10-16/sea-level-rise-drain-floridas-financial-future

8 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Projection: 1 Million FL Properties Will Become Chronically Flooded,W. Losses Of $619 Billion (Original Post) hatrack Oct 2023 OP
Why we sold the big house. The tax base will transfer cachukis Oct 2023 #1
Big Picture modrepub Oct 2023 #2
What will happen is that those Floridians, like me, who live inland and well above Chainfire Oct 2023 #3
The "servant class" in the Miami area orthoclad Oct 2023 #6
Sea level rise and insurance increases can. be a bitch...nt mitch96 Oct 2023 #4
They paved Paradise, and flooded the parking lot. orthoclad Oct 2023 #5
Call some place paradise, kiss it goodbye OKIsItJustMe Oct 2023 #7
South Florida Sun Sentinel: Here's why Floridians, more than other Americans, believe climate change is real OKIsItJustMe Oct 2023 #8

cachukis

(2,229 posts)
1. Why we sold the big house. The tax base will transfer
Tue Oct 17, 2023, 08:37 AM
Oct 2023

to other properties or the cities will lose functionality.
Insurance costs are being shared now. Florida's kick the can down the road is running out of places to kick it.

modrepub

(3,486 posts)
2. Big Picture
Tue Oct 17, 2023, 08:57 AM
Oct 2023

The battle over climate change was waged for decades between the fossil fuel industry and the insurance industry; the 2 industries with the most to loose over addressing this problem. We all know who won that existential battle in the political arena (fossil fuel industry).

What we have failed to see is that the fossil fuel industry's political victory hasn't altered the situation. Climate is changing, the planet is warming causing sea-levels to rise (via land-ice melting and expansion in the water column as oceans warm). Thus the cost to replace assets in harms way as the climate warms (this includes areas prone to more wild fires) is increasing. This is a direct cost applied to the current situation.

Under normal market conditions, increased insurance costs should correct the problem of building in areas where structures would be routinely damaged. But politicians (and the people who elect them) are not allowing this self-correction to occur. They have fixed insurance rates, started state or federal insurance programs (that aren't market driven) to continue to allow building in inappropriate areas. In the long term, this is folly. It's even more ironic because all of the "capitalist" favoring parties sure are pushing government based solutions instead of letting the insurance market correct for these "mistakes".

Chainfire

(17,433 posts)
3. What will happen is that those Floridians, like me, who live inland and well above
Tue Oct 17, 2023, 09:13 AM
Oct 2023

sea level (I am at 300+ feet) will end up paying the cost of mitigating the damages of people's vacation homes. They will spend billions on boondoggles designed to protect the waterfront, because those with the money controll the government spending. They will build a wall, and we will pay for it. We have already seen a doubling of insurance cost an insurers fleeing the state like we have Ebola. I live within five miles of Georgia, maybe I can get them to annex me.

Meanwhile, the developers are still going, full bore, on property that is bound to be drowned.

orthoclad

(2,910 posts)
6. The "servant class" in the Miami area
Thu Oct 26, 2023, 09:40 AM
Oct 2023

lived inland at a higher elevation, further away from the sea. Now they're getting priced out by richies moving away from the coast.

orthoclad

(2,910 posts)
5. They paved Paradise, and flooded the parking lot.
Thu Oct 26, 2023, 09:37 AM
Oct 2023

Been a while since I've been to Florida. The Keys and the reef were beautiful. The Panhandle was comfortably low-key. Now it's sounding like a J.G. Ballard book.

OKIsItJustMe

(19,937 posts)
8. South Florida Sun Sentinel: Here's why Floridians, more than other Americans, believe climate change is real
Thu Oct 26, 2023, 11:16 AM
Oct 2023
Here’s why Floridians, more than other Americans, believe climate change is real

By BILL KEARNEY | [email protected] | Sun Sentinel
PUBLISHED: October 25, 2023 at 6:20 a.m. | UPDATED: October 25, 2023 at 6:33 a.m.

Floridians, more than other Americans, believe climate change is actually happening, according to a new study by Florida Atlantic University. They also want the government to do something about it.

FAU’s Center for Environmental Studies (CES) found that 90% of Floridians believe climate change is underway, whereas only 74% of Americans as a whole think climate change is happening, according to a recent Yale University survey.

Previous FAU surveys were similar, showing that 86% to 92% of Floridians had that belief.

Other polls show similar findings.

And Ron DeSantis is governor…
Latest Discussions»Issue Forums»Environment & Energy»Projection: 1 Million FL...