skip to main content

Thursday, June 1, 2023

play newscast audioPlay

Alabamans urge a grocery tax reduction, a tape shows Trump knew about a classified document on Iran, Pennsylvania puts federal road funds to work and Minnesota's marijuana law will wipe away minor offenses.

play newscast audioPlay

Democrats say a wealth tax would help alleviate some national debt, lawmakers aim to continue pandemic-era funding for America's child care sector, and teachers say firearms at school will make students less safe.

play newscast audioPlay

Oregon may expand food stamp eligibility to some undocumented households, rural areas have a new method of accessing money for roads and bridges, and Tennessee's new online tool helps keep track of cemetery locations.

Study: Gentrification & Increased Property Values Follow Hurricanes

play audio
Play

Friday, January 6, 2023   

After a hurricane, according to a new study, wealthier people tend to sweep into impacted communities, purchasing homes even at the increased purchase price following a storm.

The study, "How Hurricanes Sweep Up Housing Markets: Evidence from Florida," uses data from county tax assessments, the National Oceanic and Atmospheric Administration and the real-estate marketplace website Zillow to assess housing-market conditions and population turnover in the Sunshine State from 2000 to 2016.

Study co-author and Resources for for the Future fellow Yanjun "Penny" Liao said they found home prices in hurricane-ravaged areas are 5% higher on average than unaffected ones, which attracts people who could afford them.

"These people are more able to afford or absorb the higher prices that comes with it," she said, "and if you think abut getting a mortgage, there is usually a 20% down payment you need to put down, so you need higher income to be able to absorb that price impact."

Liao said the temporary increase in home prices are likely due to the sudden decrease in housing supply from storm losses. In areas where hurricanes frequent, the impact is compounded. Florida lawmakers recently passed a slate of reform measures to save its beleaguered property insurance market following an onslaught of hurricanes and litigation.

Liao said the study could prove helpful in many ways including helping decision makers in charge of disaster assistance programs, and pointing a spotlight on the long-term impacts of gentrification.

"What's the equity implications for ongoing hurricanes or in the recovery process," she said.

Liao noted that some hurricanes are milder than others and catastrophic hurricanes such as Andrew or Katrina induce different dynamics. But overall, their findings show housing demand didn't decrease, it simply attracted wealthier inhabitants. They have called for future research on how that also could impact low-income buyers and renters following a storm.


get more stories like this via email
A new park, San Vicente Redwoods, opened up late last year near Santa Cruz, Calif., in an area previously ravaged by fire and logging. (Nadia Hamey)

Environment

play sound

This Saturday, June 3, thousands of Californians will be among hundreds of thousands of Americans heading into the great outdoors to celebrate …


Social Issues

play sound

A coalition of Wisconsin groups is asking Gov. Tony Evers to reject bills it contends would make it harder for people struggling to get by to bounce …

Social Issues

play sound

Two months from today, Minnesota will begin the process of removing low-level marijuana convictions for those who have them on their criminal records…


Alabama is one of only three states still applying its full state sales tax on the purchase of groceries and food items. (Adobe Stock)

Social Issues

play sound

Groups working to fight poverty in Alabama are urging state senators to approve a bill aimed at lowering food costs for families. House Bill 479 …

Social Issues

play sound

Navigating college can seem overwhelming for first generation students, but an early outreach program at Arizona State University aims to change it…

Nebraska was one of 10 states to further restrict abortion access in the 2023 legislative session. At least 48 bills were passed involving restrictions for LGBTQ+ individuals. (Yurii Kibalnik/Adobe Stock)

Health and Wellness

play sound

A new Nebraska law is now the subject of a lawsuit filed in the District Court of Lancaster County. In its amended form, Legislative Bill 574 …

Social Issues

play sound

A proposal from the federal government could provide a better path toward student loan debt repayment, but a new survey finds many borrowers don't …

Environment

play sound

Maine lawmakers are considering two pieces of legislation which supporters said are needed to ensure "responsible" development of offshore wind projec…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021