The massive climate report released by the Trump administration on Friday makes clear that the President’s climate policies will destroy every last bit of U.S. (and global) coastal property in the decades to come.
That means more than $1 trillion in U.S. coastal property will eventually be valueless. So the only question is “when” and not “if” that trillion-dollar housing bubble will burst.
- The answer appears to be sooner, rather than later, for two reasons. First, the administration’s policies — to abandon the Paris climate deal while working to gut both domestic climate action and coastal adaptation programs — make the worst-case scenarios for climate change more likely while undermining any efforts to prepare for what’s coming.
- Second, the GOP tax reform bill will directly deflate coastal property values because it targets the tax breaks for the most expensive properties.