From my analysis, people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

Oh man those poor waterfront property owners! I feel so badly for them! Its this kind of relatable story that really hits home with most Americans. If all waterfront was left as public access it wouldn't have become a problem.

Hard to feel bad for people with 10 million dollar homes

These are literally their vacation homes. Give me a break lol.

No taxpayer money for them, …. They knew the risks !!

Wow! Alaska has Native villages having to uproot and move. Yet you folks are reporting on well off Americans house values going down.

Luckily, these people can afford to lose it.

"They're buying them knowing they're going to lose them." Ah, the wonders of the NFIP - they lose their home, YOU underwrite the insurance claim.

Nobody believes it until it happens to you!

Three years ago, I took a road trip with my family up the CA coastline and I remember the evening news was about the once-in-a-100 years rain storms affecting parts of Germany and China. This year, those type of storms are happening all over this planet. Coastline properties are done for.

If our government wasn’t corrupt and millionaires and billionaires were paying their proper taxes 40-60% progressively as their holdings increase then I would feel sympathy for them as Americans. But as it stands now they’re more like feudal lords. Though in some cases like Warren Buffett they actually know it’s wrong and wish the government would actually tax them more. But the stench of superiority and entitlement currently in this country simply reeks.

This is why I built my home on the rim of an active volcano. No water erosion there.

Quit building in these geologically and climatic challenging areas, coastal, canyons, forests, sensitive deserts, and leave these as open spaces for all to enjoy.

The sea will ALWAY win.

These are the same people who built swimming pools beside the beach? Just why? Wasting money on purpose?

what i learned from the comment section. People are haters.

My mother is a real estate investor. Never, even since before all this influx of data about sea levels rising, would she ever even entertain the thought of buying oceanfront property. It has ALWAYS been one of her biggest "No's" when considering property investments. She taught me well!

I have a small cleaning company in FL and the airbnbs on the beach are desperately trying to sell right now, but nobody is buying! One has been on the market about 8 months now

They should leave all waterfront as public access. Why do only rich people get ocean views?

Do they have mortgages? If so, how could one sell if they were deeply underwater on the loan unless the owner could come up with cash?

Obviously the drop in property values is a tough pill to swallow, but I'd just like to take a moment to remind all the millionaires affected that a few simple changes, such as cutting out that morning latte and passing on a slice of avocado toast, can add up. Small changes to your lifestyle can save your pocket book! :)

As someone that has lived within 2 hrs of the Southern panhandle 67 years, most of us "lower lifes" have known this for decades and is why we chose not to live on or very near the coast, and never in FL. We have seen what erosion does, coastal homes tend to have short lives. We all knew one day the homes would not be insurable whether it is a vacation home or not and that day has finally come. Then there are the hurricanes that will eventually hit where you live and 2 hrs away is not really far enough, hurricanes tend not to stop at the shoreline and erosion eats shorelines, buildings tumble. Do we feel sorry for them, not a chance. This is a display of ignorance and arrogance at its finest.

Wow how sad for these millionaries. Thanks for the groundbreaking report

"Will someone think of the property values?!?" - mainstream media

The information has always been available. Clearly the price and desire for the location outweighed common sense.

The wise man built his house upon the rock…

This is true in many coastal areas around the world.

Insurance on any beachfront home is a small fortune each year, much less those homes.

Oh, my heart breaks for all those poor millionaires... 😒 Make all beachfront areas public land.

Am I supposed to feel bad for these people? I think it's fantastic it always bothered me in this country how some people have so much and give so little.

This is soooo sad 😢😢😢Imagine having inherited a property from your great grandparents and now you’re watching it waste away. 😢😢 This makes me so upset

My initial reaction was indifference, then the symbolic value of this story presented itself.

Good! I love to see the drop in home value.

Is the town dredging? Or just sandbagging?

NOT THE PRIVATELY OWNED COASTAL PROPERTIES! WON'T SOMEONE THINK OF THE RICH PEOPLE!???!

Didn’t show shots of the beach erosion on the east coast. Except for the first shot of the California perched up high.

Beaches and coastlines are not static. They are constantly moving and changing as a result of weather patterns. Purchasing a multi-million dollar home perched on a sand dune is a foolish waste of money, as is trying to replenish sand on a beach that is quickly being swept away.

Some guy was featured on grand design, he built a house 15m from a cliff, look by the time he finished, it’s 10m from the cliff. He was hoping that it would last 20-30 years till he dies, well I bet it’s gone now

This is normal for the coast line, when you’re living on the edge, what do you expect?

There once was a man from Nantucket. I guess not for long, though. You know, somehow I just don't feel like shedding a tear for someone losing a multi-million dollar home for building them too close to the shoreline.

In today’s world there is very little sympathy for people who have $$$$$ invested in luxury homes.

My Mum's house was lost in Florida in 1980 from a beach where the water was metres away.

Buying opportunity. ❤️

Coastal areas are geologically dynamic and have been since the beginning of time. A big Nor’Easter comes through, and you lose 50 feet of beach. Next year, another Nor’Easter, and 70 feet of sand reappear. More people are building along the coast so more homeowners are impacted by natural geologic forces. Climate change is real, but coastal erosion and restoration through natural weather events have been going on for millennia.

I feel bad for people in the 9th ward not these folks

Something is worth only that which someone is willing to pay. This has been known for thousands of years... "...be like a wise man who built his house on the rock. And the rain fell, and the floods came, and the winds blew and beat on that house, but it did not fall, because it had been founded on the rock. ... a foolish man who built his house on the sand. And the rain fell, and the floods came, and the winds blew and beat against that house, and it fell, and great was the fall of it.”

The same thing is happening down South. Hunting Island in South Carolina is a prime example!

Sea level rise and erosion are not very related Sea level rise is about 2mm per year. If you are concerned you should make a small pile of rocks around your property.

There should be common sense location related rules for real estate: don’t build or buy homes on the edge of a cliff, or situated on a beach, or straddling a geologic fault line, or in the path of potential volcanic eruptions. Don’t build or buy in flood zones or areas prone to fires or hurricanes or tornadoes. It’s bad enough that people lose lives and their homes to poor location choices. The currently increasing onslaught of disasters and damage create massive insurance claims that eventually could sink the insurance industry. Insurance companies should stop covering buildings in high risk zones. People who were more prudent in choosing their homes’ locations shouldn’t have to pay the rising premiums required to cover less careful owners.

Enjoy it while it lasts. It’s just money.

Oh well.

This is for all the Homeowners and parents to figure out

Oh noooooo, anyway…

How about concentrating on true victims? We've been talking about climate change long enough for these people to have made different choices but this is about their ego not about their livelihoods

You can’t fight Mother Nature

Boohoo, folks on the Gulf Coast have been having to leave for decades due to weather. Get used to it.

Always wanted to live on Nantucket damn 😂😂😂

meet me in montauk

Rich people problems.

Rich people problems

Why do I NOT feel sorry for these homeowners?

have they tried selling their homes to aquaman?

They worth 2 million pesos 😅

#sad

I feel bad for the billions in the global south already feeling the effects of climate change from the extravagant lifestyle that these residents undoubtedly drive. These guys in the video aren’t worthy of help

Absolutely no sympathy here. I can’t even get a house, much less a coastal one.

Have they tried planting used Christmas trees in the dunes like they are doing on the East Coast of Great Britain?? Or are real trees abolished bc of "The Safety"? No worry, out of style trees from yesteryears' home tv shopping will also do. Bottom line is, no public monies should bail out private property NIMBYs who beg for relief or beg for millions in sand replenishment but refuse to grant public access or right of way/easements to beaches. I had a laugh at a related story from Florida where they want the sun moon and stars to save them and then, in spite of all, there is the one "neighbor" who balks bc ultimately they would rather take the loss than have to allow public access in exchange for the public saving their house. So, let's not be swayed by the oddball "he lived here 45 years" bc he has probably been a huge NIMBY along the way while also refusing to stop dumping his septic straight into the ground. Many of these communities do not have proper sewer systems and are themselves huge contributors to coastal pollution issues. This wiping out of coastal properties might be a good thing bc towns will have to start over and everyone comply with modern current septic and wastewater standards.

Tax expert? Writings it off.

No sympathy for rich folks coming from me. More pressing issues to be concerned about like America’s affordability crisis for the middle income person.

A house built on sand is worth…

I get having a great view and access to beaches, but I put my money on nature any day of the week…and water… that is immensely powerful and destructive.

People are just DUMB!!!

Not that I care that much about the welfare of the rich, but it’s a shame what climate change is doing to our planet. I feel for future generations.

Born and raised on cape cod. I remember when I was in school 25 years ago my teachers saying with sea levels rising many homes here wouldn’t be around in 20 years. My town has lost a total of 0 homes to sea levels rising… guess the teachers were wrong and just trying to scare the kids about a water world

Pathetic. Only worth 10K at this point😂 greed

Just sell it to aquaman.

Yay the rich reap what they sow

That's all Trump's fault.

Margo Largo😂😂😂 washing away into the ocean taking trump with it… 😹🎃💨💨💨💨

That man has a huge forehead

Myth

Due to global warming 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

This is why I don't want to stop global warming. I'm not going to stop burning fossil fuels to save some rich guys beach house.

I love luxury real estate and beach real estate is risky 😢😢😢😢😢 I like to buy in established neighborhoods with rich people

Time to move to better places!

That’s why I invest in gold and not beachfront properties- I buy only in established neighborhoods like upper east side upper west side…. Like classssst neighborhoods you can’t afford

Who will pay?? 4:52 come on 😂😂😂😂😂

It ain’t gonna help!!! 😂😂😂😂😂😂

I ain’t paying for it you pay for it!!! Hahhahahahahaaaaaaaaqqq

Moneyyyyyyy 😂😂😂😂😂

Rich people problems