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Sea levels rise, property values drop

Cool, cool, cool.

Sea level rise has cost Texas homeowners $76.4 million in potential property value, with Galveston hit the hardest, a new study released Tuesday found.

First Street Foundation and Columbia University analysts examined about 3 million coastal properties in Texas. Using a combination of real estate transactions and tidal flooding exposure, they found that from 2005 to 2017, homes in Galveston lost $9.1 million in potential value, followed by Jamaica Beach (which lost $8.6. million) and the Bolivar Peninsula ($8.1 million). It’s not necessarily that these coastal homes decreased in value by these amounts, the authors say, but that they didn’t appreciate as much as similar homes not exposed to tidal flooding. Researchers factored in square footage, proximity to amenities and economic trends like the 2008 housing recession.

First Street Foundation analyzed 18 coastal states from Maine to Texas, calculating a total $15.9 billion loss due to tidal flooding driven by sea level rise. The New York-based nonprofit studies the impacts of sea level rise and flooding. The report was released as the nation on Monday observed Earth Day.

“Sea level rise is not creeping up at the same rate, it’s accelerating,” said Jeremy Porter, a Columbia University professor and First Street Foundation statistical consultant. “This is an early indicator of what’s to come and the loss is already in the billions of dollars.”

Sea level off the coast of Texas is up to 18 inches higher than it was in 1950, and it’s accelerating, according to the National Oceanic and Atmospheric Administration.

For Texas, depending on the location, sea level rises 2 to 7 millimeters per year, said John Nielsen-Gammon, state climatologist at Texas A&M University. This is mostly due to sinking land as a result of the pumping of large volumes of groundwater and oil and gas, he said.

And the expectation is that global sea level rise will continue to increase, he said. “It’s not at all clear at this point by how much because we don’t have a lot of experience with ice shells collapsing, but the range is anywhere from continued 3 to 5 millimeters per year up to total sea level rise of 1 to 2 meters by the year 2100.”

Sure is a good thing global warming is a hoax, isn’t it? You can see the study details here. And you might consider buying your next house on higher ground.

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10 Comments

  1. Bill_Daniels says:

    Sounds a lot like global warming/climate change/whatever this weeks scary term is, is helping keep housing affordable and helping to curtail huge property tax increases, allowing people to stay in their homes instead of being forced to sell because they can’t afford the taxes.

    Meanwhile, my taxing authority seems to think I live in the Taj Mahal. Too bad I didn’t flood.

  2. Manny says:

    Well Bill, I hope you flood so you can get lower taxes, right?

  3. Joel says:

    Believe it not not, having your house flooded is worse than paying property taxes.

    But off you’d like to avoid both by instituting a state income tax and using the proceeds to pay for all current government PLUS some climate protection, I am all for it.

  4. C.L. says:

    Manny, Manny, Manny, what happened ? You were doing so good !

  5. Jason Hochman says:

    @Bill–no, you don’t want to have a flood, from what I’ve seen it isn’t fun.

    I would believe in global warming/climate change, if, and only if, its proponents lived as though they really did believe it. Instead, they are out there in their BMWs and Range Rovers, driving everywhere, going to restaurants (which contribute a lot through 11 million pounds of food waste per year, plus serving a lot of meat. If everyone became a vegetarian it would take away more greenhouse gas than if everyone quit driving), running their air conditioning, and buying devices, as though the planet is renewing itself by the second. If they changed, I might could believe.

  6. Joel says:

    so you don’t believe in science jason hochman because people are hypocrites?

    and yet you typed your comment on a computer. gee, how could that have been invented, since science doesn’t work because people are hypocrites?!

    it’s almost as if one has nothing to do with the other! nah, your logic is airtight.

  7. Manny says:

    FYI, Bill the market value of the house I live in went up over twice what it was (my house flooded). About half a year living in a house while work is being done, gypsum dust so heavy that vacuuming twice a day and once at night so not to breath all that dust. Dealing with the insurance, I had insurance, dealing with contractors, so Bill you really don’t want your home to flood. Knowing you maybe wishing all your neighbors would flood so that the value of your house would go down seems more like you.

  8. C.L. says:

    Manny ! You’ve fed the troll !

  9. Bill_Daniels says:

    C.L.:

    You must be a 12 year old girl, making a big pact with your besties. Are y’all going to stay best friends 4ever? That’s sooo kool! 🙂 I hope you’re writing about it in your diary.

    Here’s C.L.’s diary entry from yesterday:

    Dear diary. Today Becky was so mean, she told April her nail polish didn’t match her dress, and made April cry. Oh, and why won’t Chad, our junior high quarterback notice me? Am I not pretty enough? Momma says I’m the prettiest flower in the garden! And ooh, I hate Suzie Eckerman sooooo bad, because she got a higher grade on the math test even though I deserved the higher grade! Sooo upset!

  10. mollusk says:

    Ommmmmmmmmmmmmmm…