In a recent development, it is seen that the climate change is the most urgent threat that we are facing right now. As per the Yale Poll which was done in the year 2017, shows that only 20 percent of Americans were worried about the global warming. A pew survey shows that about 39 percent of Americans trust scientists and give accurate information about the causes of the global climate change.
A recent paper which was published in the Journal of Environmental Research Letters by 3 Havard University professors. In this, they have tested the hypothesis in which the rate of the price appreciation of single-family properties in MDC is positive and is correlated with incremental measures which are for higher elevation. Between the year 1971 and 2017, about 107,984 properties are found to have a positive relationship between price appreciation and about 76 percent of the properties have an elevation.
The same type of study was done by the economists of University of Colorado and Penn State, and they found that the beachfront homes which are present in Miami are exposed to the rising sea levels. They sell at 7 percent discount as compared to properties which are less exposure to coastal flooding. The rental rates to sell the prices of the coastal homes when compared it is found that the selling prices don’t exist in the rental rates and it indicates that this discount is due to the expectations of the future damage.
The best thing that the policymakers can now do is to make the prices which are allowed to reflect the risks of the climate change and property owners who have the at stake will move to the higher place.