2022 Spring Issue - 85

OUTLOOK2022
In August 2005, as Hurricane Katrina approached New
Orleans, a million residents fled. After the levees broke,
about 1,000 people died. A month after the hurricane,
600,000 people across the region were still displaced
when Hurricane Rita hit, which was responsible for 120
deaths. A year after Katrina, the population of New
Orleans was still half its previous size.
This is one of the largest internal displacements the
United States has ever seen. It is also a cautionary tale
about climate migration. Emergency management organizations
had warned for years of the city's vulnerability to
a major hurricane, but New Orleans was unprepared.
As climate events become more severe because of
rising global temperatures, it is imperative that municipalities
create resilience plans that are also socially
equitable. Investors need to be more aware of climate
risk and migration, and take a longer-term view of their
portfolios. Partnering with private capital is necessary
to adapt the built environment expediently to withstand
adverse climate events and adapt to climate migration
challenges.
" The asset-centric approach that dominates the climate
risk strategy of most investors isn't quite sufficient.
You can have a truly climate-proof building, but if the
roads are underwater 20 times a year, the building is
going to lose value, " says Zac Taylor, a researcher in the
faculty of architecture and the built environment at Delft
University of Technology in the Netherlands.
ULI's new report with Heitman, Climate Migration and
Real Estate Investment Decision-Making, asked industry
experts how they are unpacking climate migration and
climate risk strategy to distill insights into this complex
issue. The report offers a two-step framework for making
investments.
Climate change " is a factor in location decisions
people are already making today, buried in there in a
thorny, sometimes counterintuitive way. We need to
think about how we might find these climate signals and
understand the factors that make people move or stay, "
says Taylor, lead author of the report.
It comes down to what draws people to a place, such
as the quality of life, the housing stock, good jobs, and
feeling safe, and whether the location is preparing for
climate change risks. And investors are trying to predict
when populations might be pushed from a place hard hit
by climate events.
" We're at the very beginning of the most significant
mass migration in human history, " says Brian Swett,
SPRING 2022
URBAN LAND
85
SHUTTERSTOCK

2022 Spring Issue

Table of Contents for the Digital Edition of 2022 Spring Issue

2022 Spring Issue - Cover1
2022 Spring Issue - Cover2
2022 Spring Issue - 1
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2022 Spring Issue - 3
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2022 Spring Issue - Cover3
2022 Spring Issue - Cover4
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-fall-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-summer-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSUMMER2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
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