In total, climate change could expose 3.5 million existing homes with nearly $2 trillion in value to a 10% or higher risk of annual flooding by 2100, Climate Central reported. (Credit: Gerald Herbert)In the coming three decades the number of affordable housing units under risk of flooding will triple, according to Climate Central, which reported nearly every coastal state will have some units vulnerable to an average of at least more than one flood event annually. New Jersey, New York and Massachusetts have the highest number of units at risk.
In total, climate change could expose 3.5 million existing homes with nearly $2 trillion in value to a 10% or higher risk of annual flooding by 2100, according to a 2019 study by Climate Central and Zillow Group, Inc.
In 2000, only about half of coastal states were expected to see more than one flood risk event annually, the independent nonprofit reported. By 2050, the 100-year flood level — defined as the flood level with a 1% annual chance of occurring — could happen at least 40 times more often at half of the U.S. locations studied. In fact, tidal flooding that now occurs once a year might start occurring on a weekly basis in some coastal communities.
“Because coastal housing stocks tend to include less affordable housing than other areas, the sea level rise risk to affordable housing can seem proportionately low. But for people with fewer resources to prepare for and recover from coastal floods, the risks are actually disproportionately high compared to their wealthier neighbors,” Benjamin Strauss, Climate Central CEO and chief scientist, told PropertyCasualty360.com.
Although these numbers are a call to action, Strauss explained reducing the amount of carbon pollution emitted globally won’t dramatically change the flood risk by 2025 but can make a difference for 2100 projections.
“One of the surprises, and potentially a silver lining of the findings, is the relative concentration of affordable housing exposed to coastal flood risk. Because the risk in many communities is confined to a relatively small area, measures to protect much of the local affordable housing can be applied more efficiently,” Strauss said.
Climate Central noted protective measures could include initiatives such as levee systems, giving projects planned to protect properties in Foster City, Calif., as an example. Additionally, protecting wetlands can reduce damages caused by storm surges. As sea levels rise, these measures must be maintained and strengthened to continue protecting at-risk communities.
While affordable housing is commonly considered the realm of subsidized housing, it also encompasses properties that are rented out below the local median market rental rates without subsidies, Climate Central noted.
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December 11, 2020 at 05:00PM
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Flood threat to affordable housing to triple by 2050 - PropertyCasualty360
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