The Economic Effects of Climate Change Adaptation Measures: Evidence from Miami-Dade County and New York City
Location: Harvard Joint Center for Housing Studies
How are local housing markets affected by a variety of localized efforts to respond to the impacts of global climate change, such as spending on facilities designed to protect homes from hurricanes?
In this talk, Seung Kyum Kim, a Meyer Doctoral Fellow, will discuss research indicating that housing values reflect both the different nature of potential threats and differences in how those threats are perceived. For example, creating natural green infrastructure, such as wetlands, detention ponds, and sand dunes, is associated with a 9.7 percent increase in housing prices in Miami-Dade County and a 2.7 percent increase in New York City, while structural measures, such as raising foundations, was associated with a 6.7 percent increase in Miami-Dade County and a 14.3 percent increase in New York City. These and other findings suggest that implementing climate adaptation strategies should be based on locally specific information, rather than relying upon state-level data.
Harvard Joint Center for Housing Studies
One Bow Street, Cambridge
Bring your lunch, dessert provided