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作者

来源

JOURNAL OF HOUSING ECONOMICS,Vol.36,P.1-7

语言

英文

关键字

Capital durability; Climate change; Risk; HOUSING-MARKET; PROTECTION; AMENITIES; PRICES; INCOME; MODEL; LIFE

作者单位

[Bunten, Devin] Board Governors Fed Reserve, Washington, DC USA. [Kahn, Matthew E.] USC, Los Angeles, CA 90007 USA. Kahn, ME (reprint author), USC, Los Angeles, CA 90007 USA. E-Mail: kahnme@usc.edu

摘要

The durability of the real estate capital stock could hinder climate change adaptation because past construction anchors the population in beautiful and productive but increasingly-risky coastal areas. However, coastal developers anticipate that their assets face increasing risk and this creates an incentive to seek adaptation strategies. This paper models climate change as a joint process of (1) increasingly destructive storms and (2) a risk of sea-level rise that submerges coastal property. We study how forward looking developers and real estate investors respond to the new risks along a number of dimensions including their choices of location, capital durability, capital mobility (modular real estate), and maintenance of existing properties. The net effect of such investments is a more resilient urban population. (C) 2017 Elsevier Inc. All rights reserved.