Partisan residential sorting on climate change risk

• 成果类型: Article
• 署名作者: Bernstein, Asaf; Billings, Stephen B.; Gustafson, Matthew T.; Lewis, Ryan
• 署名单位: University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.03.004
• 发表日期: 2022
• 页码: 989-1015
• 关键词: Residential sorting; climate change; Sea level rise; Real estate; POLITICS

摘要

Is climate change partisanship reflected in residential decisions? Comparing individual properties in the same zip code with similar elevation and proximity to the coast, houses exposed to sea level rise (SLR) are increasingly more likely to be owned by Republicans and less likely to be owned by Democrats. We find a partisan residency gap for even mod-erately SLR exposed properties of more than 5 percentage points, which has more than doubled over the past six years. Findings are unchanged controlling flexibly for other indi-vidual demographics and a variety of granular property characteristics, including the value of the home. Residential sorting manifests among owners regardless of occupancy, but not among renters, and is driven by long-run SLR exposure but not current flood risk. Antic-ipatory sorting on climate change suggests that households that are most likely to vote against climate friendly policies and least likely to adapt may ultimately bear the burden of climate change.Published by Elsevier B.V.