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"Climate-Change Risks Get the Attention of Real Estate Investors"

"They are thinking more seriously about flooding, but a lack of established standards for assessing development projects is challenging their efforts."

"In Charleston, S.C., climate change is becoming impossible to ignore. In the historic city center, “sunny day” flooding occurs roughly once a week, making downtown difficult to traverse. Groundwater has begun to burble up in spots. And after a downpour, much of the region is susceptible to flooding.

City officials are aware of the vulnerability, and they’re pondering big initiatives, like a partnership with the Army Corps of Engineers to build a $1.1 billion sea wall and a pioneering zoning law that would prohibit development in the city’s lowest areas.

Despite the hazards, Charleston is booming. The city’s population grew 25 percent from 2010 to 2020, to about 150,000, and the region has seen a huge influx of new residents eager to experience the city’s charm.

Development in the city has responded. In the two years before the pandemic, builders added 7,700 multifamily apartments, and 6,000 more were slated for 2020. The pandemic slowed construction, but it has continued; a local newspaper keeps a running tally of the cranes over the downtown area, which sits on a peninsula bound by two rivers."

Amanda Abrams reports for the New York Times April 19, 2022.

Source: NYTimes, 04/20/2022