By 2030, $838 million worth of residential property in Virginia is at risk of being chronically inundated by high tides caused by rising sea levels, directly affecting more than 6,000 people and $8 million in property taxes, according to a new report by the Union for Concerned Scientists. The definition of “chronic” inundation is 26 times per year.
“Sea levels are rising. Tides are inching higher. High-tide floods are becoming more frequent and reaching farther inland. And hundreds of US coastal communities will soon face chronic, disruptive flooding that directly affects people’s homes, lives, and properties,” states the report, ” Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate.” “Yet property values in most coastal real estate markets do not currently reflect this risk. And most homeowners, communities, and investors are not aware of the financial losses they may soon face.”
By the end of the century, the study warns, sea levels could rise by seven feet, exposing 115,000 Virginia homes worth $30 billion to routine flooding.
That’s the worst-case scenario, predicated on the assumptions that global warming-induced sea-level rise is accelerating and that communities are incapable of adapting, and it’s the one highlighted by the report and the Virginian-Pilot coverage of the report. Under the report’s low-rise scenario based on effective global action against climate change, sea levels will rise only a foot and a half, and projected losses would be much smaller.
Scientists skeptical of alarmist global warming scenarios counter that sea levels have been rising steadily by 20 centimeters per century for at least two centuries with no sign of accelerating. The implied sea-level rise globally would be six and a half inches by the end of the century. But the impact varies geographically depending on whether tectonic plates are rising or sinking. In Virginia, the tectonic plate is sinking, suggesting that the impact could be greater locally.
I react negatively to alarmist environmental scenarios, which I think are fed more by wishful thinking that the world is in desperate need of saving. But I don’t dismiss the UCS report out of hand. If these scientists’ worst fears are well founded, Virginia’s coastline could face massive dislocation. Even if the skeptics are right, periodic flooding will get worse — not catastrophically worse but enough to force us to think differently about coastal development.
Given the array of risks, we cannot continue business as usual. I’m not suggesting that it’s time for draconian action, but we can at least stop doing stupid stuff. By “stupid stuff,” I mean we should stop subsidizing coastal development through the National Flood Insurance Program and through implicit promises that state and local government will maintain roads, power lines, water-sewer and beach restoration regardless of cost in the face of increasing floods. Homeowners should bear the costs and risks associated with their decisions to live on or near the water.
Local governments also need to stop zoning for large developments in flood-prone areas. In a separate and unrelated article, the Virginian-Pilot describes the issues surrounding the proposed expansion of the Ashville Park development in Virginia Beach. The developers won zoning approval for the giant, high-quality subdivision more than a decade ago, before periodic flooding became a concern. In 2016 Hurricane Matthew overwhelmed the project’s storm water drainage system, flooding many houses and leaving families stranded for days. Fixes are expected to cost $11 million. The developer will share the cost of the first phase of $2.75 million; the city will cover the rest. Remarkably, the developer claims the right to be able to build up to 400 more houses.
I firmly believe that people should be able to build where they want — as long as they are willing to pay the full cost associated with their location decisions. The problem is not insoluble. Virginia Beach and other coastal localities should establish special tax districts in flood-prone zones, with provisions to expand the geographic scope of those zones as sea levels rise. Property owners in those zones would be assessed a tax surcharge to fund infrastructure projects — storm water drainage systems, flood control berms and dikes, the re-engineering of roads and bridges, whatever — deemed necessary to protect the community. The tax structure should be adjusted to penalize sprawling, low-density housing projects that require greater public investment and reward compact, infrastructure-efficient investment.
The risk of sea-level rise is likely exaggerated, but no one knows for sure. It is not right to transfer that risk — however great or small — from home-owners in flood-prone areas to the tax-paying public. The time to enact reform is now, not when the floods are upon us.There are currently no comments highlighted.