For ads-free news, click here.
From CNBC: The land below many U.S. cities is sinking, including New Orleans, New York City, Miami and south San Francisco.
This phenomenon, known as land subsidence, can severely affect the integrity of buildings and infrastructure. When coupled with a sea-level rise, it can greatly increase the incidence of flooding.
Problems associated with land subsidence can cost U.S. homeowners 6% of their home value. In areas with high subsidence, that number can jump to 8.1%, according to forthcoming research done by assistant professor of public policy Mehdi Nemati at the University of California, Riverside, and his colleagues. Their research focused on the Central Valley of California, but Nemati said the findings could be extrapolated nationwide.
Bad news for homeowners: standard homeowners insurance usually does not cover issues with sinking land, except for some areas where coverage can be purchased for sinkage caused by nearby mines or mining activity.
U.S. cities are sinking. Here’s what that means for homeowners https://t.co/GXOOCeLxnu
— CNBC (@CNBC) July 11, 2024
According to a report published last year, New York is allegedly sinking due to the weight of its many skyscrapers.
NYC’s towering trouble: Study reveals New York City is sinking due to its million-plus buildings: https://t.co/p7HOkStVMa pic.twitter.com/QJEabY4CtO
— AccuWeather (@accuweather) May 23, 2023
