Miami residents fear ‘climate gentrification’ as investors seek higher ground

“In Miami, historically, because of racism, red-lining and segregation, all of the brown and black people were forced to live in the center of the city, which also happens to be the high elevated areas,” Gunder explains. “So, they pushed us here because they didn’t want us on the beach.”

But now, the future doesn’t look so good on the beach. Rising seas could put most of south Florida’s coastal areas under water by the end of the century.

New research shows that nationwide, homes at risk of sea level rise are starting to lose value.

Researchers from the University of Colorado at Boulder and Penn State University used Zillow home sales data to determine that nationwide, coastal homes that would be inundated with six feet of sea level rise sold, on average, for 7 percent less than similar homes equidistant to the coast that were not at risk from sea level rise. This effect was even more pronounced for homes that would flood with one foot of sea level rise, which sold for 22 percent less on average than similar properties.

Continue reading:  Miami residents fear ‘climate gentrification’ as investors seek higher ground