In this paper, we explore dynamic changes in the capitalization of sea level rise (SLR) risk in
housing and mortgage markets. Our results suggest a disconnect in coastal Florida real …

Homes exposed to sea level rise (SLR) sell for approximately 7% less than observably
equivalent unexposed properties equidistant from the beach. This discount has grown over …

Climate change impacts threaten the stability of the US housing market. In response to
growing concerns that increasing costs of flooding are not fully captured in property values …

We show that lenders charge higher interest rates for mortgages on properties exposed to a
greater risk of sea level rise (SLR). This SLR premium is not evident in short-term loans and …

Floods and other climate hazards pose a widespread and growing threat to housing and
infrastructure around the world. By incorporating climate risk into asset prices, markets can …

Abstract Sea-Level Rise (SLR) Projections from the National Oceanic and Atmospheric
Administration (NOAA) and the US Army Corp of Engineers (USACE) indicate increasing …

Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013,
coinciding with upward revisions to worst-case SLR projections and accompanying …

This article provides the theoretical foundation for the concept of “Underwaterwriting,” which
can be understood as various informational and institutional limitations related to …

We explore a mostly undocumented but important dimension of the housing market crisis:
the role played by real estate investors. Using unique credit-report data, we document large …

We study how professional investors capitalize flood risk in commercial real estate (CRE)
markets after hurricane Sandy. We show that New York CRE exposed to flood risk trades at …