The Economic Effects of Climate Change Adaptation Measures: Evidence from Miami-Dade County and New York City

Seung Kyum Kim
Additional contact information
Seung Kyum Kim: Graduate School of Design, Harvard University, Cambridge, MA 02138, USA

Sustainability, 2020, vol. 12, issue 3, 1-19

Abstract: This research examines the economic impact of climate change adaptation measures on the housing markets of two representative coastal cities in the United States located along the Atlantic Ocean. The results shed light on how adaptation measures and investments influence housing values and local real estate markets with respect to their place-based and local forms of implementation. Numerous quantitative approaches, with the use of geospatial data, panel-data hedonic regressions, and difference-in-differences analyses, are used to examine changes in property values associated with climate adaptation measures and the dynamics of risk perception. The results also signal how risk perception and hurricane characteristics are reflected in housing markets, thereby shedding light on the effects of anticipatory and reactive adaptation strategies on property values in these coastal communities. Collectively, the study suggests which adaptation strategies and characteristics can contribute to maximizing both community resilience and economic benefits against the weather extremes caused by climate change.

Keywords: climate change adaptation; hurricane characteristics; risk perception; housing price; hedonic pricing; difference-in-differences (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.mdpi.com/2071-1050/12/3/1097/pdf (application/pdf)
https://www.mdpi.com/2071-1050/12/3/1097/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:3:p:1097-:d:316151

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().