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Completely Different Definition of 'Underwater' And Its Impact on Housing
Thursday, April 28, 2016
What has just moved from fifth place in the World Economic Forum's list of global risks to the top of the heap? The "failure of climate change mediation and adaptation" now ranks ahead of weapons of mass destruction, water crises, large-scale involuntary migration, and severe energy price shock in terms of global impact. Freddie Mac cites this in a new report on its Insights blog discussing what climate change can mean to housing, specifically the associated risk of flooding.
At the current rate of climate change, rising seas, changing weather patterns, and increasing temperatures accompanying it are becoming a challenge to millions of people. And even as uncertainty (not to mention disbelief) surrounds the pace and magnitude of change, rising sea levels are already a global threat to coastal cities. World-wide it is estimated a hundred million people live within three feet of mean high tide and another hundred million within six feet of it.
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