Florida’s coastal homeowners are finding themselves at odds with Mother Nature. The outcome may be devastating.
1. Climate Change Is Not Being Kind To Coastal Florida
The sea levels are rising. That worries those that own property along the coast. It also concerns those who dock their boats inland. Most of all, it alarms those who have the most to lose from falling property values.
2.“The Canaries In The Mine”
Boats maneuver the many canals that line the coast. Bridges line these waterways. Observers worry about the first time a mast hits a bridge. The sound may be deafening. These boats are thought to be the “canaries in the mine.”
3.An Inkling Of What Is To Come
Some of South Florida is already experiencing the effects of tidal flooding. The water immerses its inland streets, sinking into the limestone bedrock. Saltwater is now finding its way into the drinking water. As the drainage canals rely on gravity, the water utility has had to install giant pumps.
Investors worry more than just about dropping property values. They wonder if there will come a day that lenders refuse mortgages in these areas. Sean Becketti, the chief economist at Freddie Mac, has already sounded a warning. He stated that a housing crisis in coastal regions would be more severe than during the Great Recession. The ripple effect would be felt by insurers, banks, and others who are dependent on the housing industry. Worst of all, there would be no hope of an eventual increase in property values.