CBS News: How rising sea levels could create zombie towns around U.S.
September 9, 2022
"Americans are flocking to the coasts faster than ever before. And with much of the nation's priciest properties already concentrated near shorelines, this puts more people and buildings at risk from the kind of extreme storms and flooding linked to climate change.
"But for many communities across the U.S. the toll is likely to go far beyond physical damage. Rising sea levels could have a knock-on effect, making certain areas unlivable long before they're uninhabitable, effectively creating zombie towns, according to a new analysis from nonprofit environmental group Climate Central that looks at the financial impact of sea-level rise over the coming century.
"As the water rises, up to 650,000 properties over a land area "equivalent of two New Jerseys" will likely be at least partly underwater in 30 years' time, Don Bain, senior adviser to Climate Central, told reporters in a presentation this week. About 30 counties across the nation are projected to lose more than one-tenth of their usable land, he said, while about 100 counties will lose at least 2%.
"That will make some places uninhabitable and others financially undesirable by lowering property values and reducing their tax base.
"That's a huge problem for communities: property values and the attendant taxes are a critical source of revenue for schools, fire protection and other key municipal services. When real estate falls in value, that could lead to "lower tax revenues and reduced public services — a potential downward spiral of disinvestment and population decline, reduced tax base and public services, and so on," Climate Central said in its report.
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"Smaller towns could be in even more jeopardy, having smaller budgets, fewer resources and generally less capacity to change their economy than larger cities, making them much more susceptible to climate risks.
"What's going to happen to the tax base for a lot of these local communities? Clearly, what the data suggests is it's being washed away," Mark Rupp, director of the adaptation program at the Georgetown Climate Center, told reporters.
"Adapting to climate change, whether elevating infrastructure, building seawalls or relocating communities, costs money. And municipalities stand to lose a great deal of their main funding stream — property taxes — as more and more land disappears under water.
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"2050 seems like a long time in the future; it's within the time frame of a 30-year mortgage taken out today, researchers note. But they urge politicians to start planning for adaptation and even relocation now, before they are compelled by market forces to do so.
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"How many mortgage lenders want to be lending for mortgages in flood-prone areas if they don't think they're going to be paid back?" Rupp said.
"For as much as people may not want to talk about what's going on, climate change impacts are real — they are happening now."