According to a study published in Nature Climate Change, American homes in flood zones are overvalued by up to $237 billion, and a correction to accurately account for risks exacerbated by climate change would disproportionately reduce the value of homes owned by low-income residents in GOP-controlled states.
Property owners in counties with little concern for climate change and no rules for disclosing flood risk bear the disproportionate risk.
Read More: Coal Strip Mining Is Connected to Flooding Deaths in Kentucky.
Despite the fact that the study did not address racial differences, its conclusions are consistent with racist discriminatory practices that drove Black inhabitants into more vulnerable places to flooding.
Cities and municipalities may face financial difficulties if property values and consequently property taxes decline, according to Penny Liao, a fellow at Resources for the Future and co-author of the Nature study.
Read More: Oregon’s Portland Is Being Sued by Montana for Its Ban on Fossil Fuel Terminals.
Flood danger should be considered a concern for our entire community, city, and housing market rather than just a problem for individual homeowners.