The ESG Initiative at the Wharton School
Where U.S. house prices may be most overvalued as climate change worsens
Outlet: The Washington Post
Benjamin Keys, a professor of real estate and finance at the University of Pennsylvania’s Wharton School who has studied the effects of sea level rise on housing markets, weighs in on new research in the field.
The nation’s real estate market has yet to fully account for the increasing threats to millions of homes from rising seas, stronger storms and torrential downpours, according to new research published Thursday. Keys calls the results compelling – and if anything, probably conservative.
“For a very long time, the costs of living on the coast have not reflected the true risks,” Keys said, but “the riskiness of coastal flooding is accelerating.”