Coastal hazards and Northeast housing values: comparative implications for climate change adaptation and community resilience
Robert Johnston, Clark University; Klaus Moeltner, Virginia Polytechnic Institute; Christine Blinn, Virginia Polytechnic Institute; and Christine Feurt, Wells National Estuarine Research Reserve
This project will combine coastal hazards data with novel property value matching models (PVMMs) to quantify the economic consequences of Northeast coastal vulnerability and adaptation. These models will estimate the comparative response of property values and tax bases to coastal hazards and adaptations across multiple communities in four New England states. Results will be used to assess incentives for private adaptation and to develop projections of future property values and tax bases under alternative sea level rise and adaptation scenarios. These and other project results will provide the information necessary for communities and policy makers to choose adaptations with positive and intended economic consequences. A strong outreach component will ensure transfer of the modeling process and results to appropriate constituencies. The project will be implemented in coordination with partners including the Wells National Estuarine Research Reserve (NERR), Great Bay NERR, Waquoit Bay NERR, and Nature Conservancy in Connecticut.