Climate gentrification is on the rise
Sea levels are rising, and that could be causing waves of unexpected house price increases in poorer areas of coastal cities. The FT’s Ed Crooks reports on what has become known as climate gentrification. The wealthy move inland, pushing up real estate prices while causing serious problems for public finances in the areas they leave behind. With the global costs of flood damage expected to reach $50bn a year by 2050, it’s a trend that’s likely to increase.
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