Is the Risk of Sea Level Rise Capitalized in Residential Real Estate?

• 成果类型: Article
• 署名作者: Murfin, Justin; Spiegel, Matthew
• 署名单位: Cornell University; Yale University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz134
• 发表日期: 2020
• 页码: 1217
• 关键词: Flood

摘要

Using a comprehensive database of coastal home sales merged with data on elevation relative to local tides, we compare prices for houses based on their inundation threshold under projections of sea level rise. The analysis separates the sensitivity of housing to rising seas from other confounding characteristics by exploiting cross-sectional differences in relative sea level rise due to vertical land motion. This provides variation in the expected time to inundation for properties of similar elevation and distance from the coast. In a variety of specifications and test settings, we find precisely estimated null results suggesting limited price effects.