Washington Post: "Where US House Prices May Be Most Overvalued as Climate Change Worsens"
This article gives a rundown of a new article coauthored by Fellow Penny Liao in the journal Nature Climate Change.
Thursday’s study, which includes researchers from the Environmental Defense Fund, Resources for the Future and the Federal Reserve, also details how municipal governments that rely heavily on property taxes could face huge budget shortfalls as flood-prone homes lose value or become uninhabitable...
“This is a problem for cities and towns who could struggle financially if property values — and therefore property taxes — take a dive,” Penny Liao, a fellow at Resources for the Future and co-author of the Nature study, said in a statement. “We need to think about flood risk not as a homeowner’s problem, but as a problem for our entire community, city and housing market.”
