Here’s What Global Warming Could Mean For Real Estate
A new National Academy of Sciences study shows sea levels rising faster than they have in 28 centuries. If the heat continues, NYC, the luxury real estate capital of the world, could see $2.1 trillion in assets exposed to storm surges by 2070.
Superstorm Sandy, with its $25B in business losses, gave us the first glimpse of what’s to come. Our grandparents most likely lived through only one storm of Sandy’s scale, but our grandchildren will see at least 20, Business Insider reports.
However, plans are in the works to protect the Big Apple. Starchitect Bjarke Ingels has put forth designs for “The Big U,” a plan to surround all of lower Manhattan with embankments, gardens and sloping green hills—creating an artificial buffer zone from storm surge.
The project has already gotten almost $350M in federal funds, and is set to break ground in the next few years. With any luck, the city that never sleeps should be able to rest a little easier about the day after tomorrow. [BI]
