The analysis found that sea level rise could reduce the value of that private land by more than $108 billion by the end of the century.
All told, places that are currently livable will become increasingly hard to live in. Here’s what this might mean for local governments.Climate Central found that, unsurprisingly, the effects of sea level rise aren’t evenly distributed across the U.S. The Atlantic and Gulf Coasts will feel its effects more than other parts of the country. In many areas along the coast, sea levels will rise significantly faster because land is sinking as sea levels rise.
While sea level rise is one of the major impacts of the climate crisis, it’s not the only one. Supercharged hurricanes and wildfires will also cause displacement and will contribute to the erosion of local tax bases as people move to safer areas. More frequent intense rainstorms are expected to cause more inland flooding in many parts of the U.S. Coastal counties won’t be the only places affected.
That won’t just affect the owners of beachfront property. Municipalities rely on property taxes to fund roads, schools, trash pickup — all the basic services that residents rely on. Power company workers try to restore power on a flooded street after a blizzard on Jan. 24, 2016 in North Wildwood, N.J.Flooding poses threats to crops, commuting routes, utilities, wastewater treatment plants and buildings, the report noted. How local governments react to these economic hits will have implications for their ability to repay debt and keep their credit ratings afloat.
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