Wednesday, June 25, 2014
Prof. John R. Nolon (Pace) has an nice blog post on land use climate change bubbles that would likely interest readers of this blog. From the post:
In February, I posted a blog on Pace Law School’s GreenLaw site defining a land use climate change bubble. I noted that real estate prices in many parts of the country are beginning to fall due to the real and perceived effects of climate change on land use. What is happening indicates that a variety of climate bubbles are forming in vulnerable areas and that the evidence is visible on the land: a nation-wide profusion of “reverse land use climate change bubbles.” In the June 21st edition of the New York Times Sunday Review Section, Henry M. Paulson Jr., Secretary of the Treasury during the housing bubble era, wrote, “We’re making the same mistake today with climate change. We’re staring down a climate bubble that poses enormous risks to both our environment and economy. The warning signs are clear and growing more urgent as the risks go unchecked.” For more on this topic and about the Land Use Law Center’s “backyard bubble” project click here.
The post also details Pace's Backyard Bubble Project. More on that from the post:
The Backyard Bubble Project
As I have been discussing our land use climate change bubble investigations with professors and stakeholders in other parts of the country, several of them have mentioned evidence of local vulnerable areas in their own backyards where a bubble is forming; let’s call these “backyard bubbles.” If you are aware of a reverse land use climate bubble forming or collapsing in your backyard, here’s what you can do:
1. Send us a description of the area involved and what is happening that is causing concern about a potentially permanent decline in property values; and
2. Provide some evidence of disinvestment in the vulnerable area obtained from local leaders, real estate brokers, insurance providers, or real estate appraisers indicating that prices are trending downward.
Your reports can be sent to me at email@example.com.
Sounds like a great project. I'm sure Prof. Nolon would especially love to hear from the city attorneys and other practitioners out there who read this blog and may have "on the ground" knowledge to share.
Stephen R. Miller