Current weather patterns are increasing the frequency and threat of storms like Hurricane Sandy
GOP nominee Donald Trump has made a name for himself by refuting seemingly everything common-knowledge. Yet despite his climate-change denying rhetoric, he has been working in his business life to combat global warming’s harmful effects on his properties.
The real estate mogul turned GOP nominee purchased a golf course along the coast of Ireland in 2014, vowing to make it one of the best in the world because of his confidence in the country’s long-term rise. But before the deal even closed, a single storm linked to global climate change eroded nearly 8 meters of frontage. Trump has since made plans to build an expansive sea wall to preserve his investment from the continued threat of flooding and storms. Trump is onto something with his worry about climate change, and the rest of the industry should start paying attention.
So what will a changing climate do to properties around the world? Let’s start with some prominent locations in the United States.
New York City is a world-class metropolis by any standard, but its prominence may not last forever if the current forecasts go unheeded. According to the New York City Panel on Climate Change’s most recent report, sea levels in the area will likely rise by more than a foot in coming decades, and increase by an unprecedented 6 feet by the end of the century. This is especially problematic in areas like Brooklyn and Queens which are buffered from the water by flat beaches which are so susceptible to flooding. These areas make up a huge percent of the city’s area and would endanger both impoverished and affluent neighborhoods, as well as the JFK airport and nearby Long Island.
On the other coast, the longevity of many Californian cities is being called into question because severe droughts may prove catastrophic to the region’s agriculture. California’s 450 mile long Central Valley is arguably the most productive farmland in the world and the source of much of the country’s fruits and vegetables. Cities like Los Angeles and San Francisco have grown especially dependent on this local source. Should the area become unproductive, the switch to shipping in fresh food would likely be more expensive and difficult than for many areas that already rely on longer food supply chains.
Much of the most valuable and significant real estate in the country and around the world is now in danger because of today’s transforming climates. In years to come, these transformations will likely become the most important issues in the industry. Maybe we will even see Trump Seaside Properties popping up along the midwest someday.