SoFla property values could plunge if sea level rises

An example of South Florida coastal flooding, a major issue in the region
An example of South Florida coastal flooding, a major issue in the region

South Florida’s real estate market would suffer greatly if sea levels in the region rise as high as experts project.

A mere one-foot rise in sea level could cause the region’s property values to plunge by $4 billion, the Miami Herald reported. If the increase reaches three feet, the decline in value could total $31 billion. The estimates were calculated by the Southeast Florida Regional Climate Change Compact, an alliance of four county governments in the region.

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Scientists disagree on how quickly the impact of climate change on real estate values would be felt, however. Some say values would drop slowly over a long timeframe, while others predict an immediate plunge if a substantial hurricane hits the region. That could also create havoc for the insurance industry. [Miami Herald] — Eric Kalis