FILE – This Wednesday, Oct. 31, 2012 file aerial photo shows a collapsed house along the central Jersey Shore coast. More than 4 out of 5 Americans want to prepare now for rising seas and stronger storms from climate change, a national survey says. But most are unwilling to keep spending money to restore and protect stricken beaches. (AP Photo/Mike Groll, File)
(Bloomberg) – Sea-level rise is already hitting home prices along the Atlantic Coast, new data shows — and nowhere harder than the tiny New Jersey town of Ocean City.
Between 2005 and 2017, increased tidal flooding erased $14.1 billion in home values across eight states, according to research by First Street Foundation, a Brooklyn-based nonprofit that seeks to quantify the effects of climate change on coastal communities. The group found that 820,000 homes are now worth less than they would have been otherwise, including 75,000 homes in New York State and 15,000 in Connecticut.
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